Qilianshan (600720) Company Comments: Demand Drives Performance Continues to Exceed Expectations, Q2 Profits Hit Record High

Qilianshan (600720) Company Comments: Demand Drives Performance Continues to Exceed Expectations, Q2 Profits Hit Record High
Event: The company released a performance forecast, and it is estimated that the net profit attributable to the mother will be about 50,000 million in the first half of 2019, which will increase by about 128% every year.Net profit is about 415 million yuan, an increase of about 93% each year. Opinion: Strong demand performance has driven performance to continue to exceed expectations, and Q2 single-quarter profit hits a new high.The net profit attributable 北京养生会所 to the mother in Q2 was approximately 4.870,000 yuan, an annual increase of 36%.We judge that the single-quarter performance exceeded expectations mainly due to the rapid growth in sales driven by the sharp rebound in regional demand.Since the beginning of this year, the number of projects under the policy of benefiting from shortcomings in the Gansu-Qingdao region has increased, and funding support has improved. Infrastructure demand has picked up sharply, driving the demand for cement to grow rapidly, and the cement output in the Ganqing region has increased from January to May.1%, of which Gansu Province increased by 17.At 5%, the company, as the average supplier of key projects, is expected to increase sales faster than the regional average.Prior to this, the cost side benefited from the dilution of fixed costs and accounting changes in depreciation periods, and the unit cost expenses are expected to decrease to a certain extent.In addition, according to pre-calculations, Lanshi Heavy Equipment is expected to contribute approximately 5,000 million non-recurring gains and losses in the first half of the year, and Q2 is expected to be around 1,000 million. Regional prices are still in the country’s depressions, and improved demand has contributed to a steady and steady economic growth.The rebound in infrastructure demand has increased the elasticity of the demand side, while the price side has been affected by factors such as external markets and internal synergies. The improvement has been moderate and moderate. Coupled with the high base in the same period last year, the increase in ton net profit in the first half of the year may be relatively limited.However, in the medium and long term, the market for Ganqing is better, and the regional prices are still in the national depression, which has been extended to low-cost areas such as Ningxia and Mengxi to improve local demand and increase shipments. Prices have steadily increased and the external environment is favorable.Continuous improvement.At the same time, the Gansu-Qingdao region has a higher proportion of infrastructure needs. Through further strengthening of the infrastructure stabilization policy and the promotion of a new round of western development, the strength of regional funding and policy support has continued or even strengthened. The acceleration of existing projects and the addition of new projectsThe landing will continue to pick up demand in the medium-term support area.According to the improvement of the external environment and the rebound of demand, price elasticity will gradually improve, and the regional prosperity will continue to improve. Investment suggestion: The market structure of Ganqing Cement is good, the capacity utilization rate has been set to a high level under the strict implementation of staggered production, and the mine resource management and control have been significantly tightened under environmental protection and high pressure.With the demand for infrastructure construction, regional prosperity is expected to continue to rise steadily.The company is constructing 260 output in the core area of Tibet, and it is expected to contribute a significant profit increase after completion.The current company’s ROE level is at the historical center position, but the P / B ratio is less than 1.3 times, still belongs to the historical bottom area, and has a higher margin of safety. We expect the company’s net profit attributable to its parent to be 10 in 2019-2021.07 billion, 10.98 ppm and 11.7.4 billion, corresponding to a price-earnings ratio of 6.9,6.3 and 5.9 times, maintaining the “overweight” level. Risk Warning: Repeated macro policies, loosening of cement industry supply exceeding expectations, and deterioration of market competition

Desai Battery (000049) 2019 Interim Report Review: The first half of the year to improve the power battery business is expected to reduce losses

Desai Battery (000049) 2019 Interim Report Review: The first half of the year to improve the power battery business is expected to reduce losses

Core point of view The company is a well-known domestic consumer electronics BMS and battery pack manufacturers, while focusing on large customers, expand well-known 深圳桑拿网 Android manufacturers.

In addition, the company’s active layout of the power battery business is expected to help the company grow further and maintain a “Buy” rating.

Net profit attributable to mothers was achieved in the first half of the year1.

700 million, ten years + 28%.

In the first half of 2019, the company achieved revenue of 73.

300 million, + 16% a year, net profit attributable to mothers1.

7 percent ten percent a year + 28 percent.

In terms of quarters, the company achieved revenue of USD 3.9 billion in Q2 2019, which was + 16% consecutively, + 12% sequentially, and achieved net profit attributable to mothers1.

02 ten percent, + 79% a year, + 50% MoM.

It is mainly due to the report that the combined company’s increase in receivables and decrease in stock preparations. In Q1 / Q2 2019, the cash received for selling goods and providing services was US $ 4.9 / 3.8 billion, respectively +7% / + 37%.

In terms of costs, the total amount reported is three.

44 ‰, + 4% per year, and sales expense rate +0 per year.

05pct to 0.

67%, the management expense ratio is flat.

16%, financial expenses fluctuate significantly, at least -63% to 0.

1 trillion, the cost rate is ten years -0.

29 points to 0.

14%, mainly due to exchange gains.

R & D expenditure + 4% to 1.

3.5 billion US dollars, R & D expense rate of ten years -0.

22 points to 1.


The gross profit margin of Q2 2019 was outstanding, with accounts receivable and inventory size effectively reduced.

Report average gross margin 7.

99%, ten years +0.

4pct, in a single quarter, 2019Q1 / Q2 are 7 respectively.

36% / 8.

56% -0 per year.

22 / + 0.

96pct, significantly improved in the second quarter.

Accounts receivable decreased by 25% from the beginning of the year to 3.2 billion, and the turnover rate was 1 from the same period last year.

Increased from 93 times to 2 times, and the turnover days were replaced by 186 days and 180 days.

Inventory decreased by 33% from the initial period to 1.7 billion, and the inventory turnover rate was 3 from the same period last year.

41 drops 3 times.

Fifteen times, the turnover days increased slightly to 114 days.

The three major areas focus on core business, and the power battery business is expected to narrow.

In the field of consumer electronics products, the company’s downstream customers include A customers, Huawei, OPPO, VIVO and other mainstream mobile phone manufacturers. Under the weak overall mobile phone migration, the Huawei brand maintained a high growth of + 26% in the first half of the year, driving the company’s business performance.

Looking forward to next year, 5G mobile phones can increase or drive the increase of battery capacity, thereby driving mobile phone battery ASP.At the same time, the company actively develops the market for notebook computers and power tools, and focuses on the power management system and packaging integration business in the future. The revenue share promotes continuous improvement.

In the field of power batteries, the company focused on business and reduced costs to reduce costs. It reported a significant decrease in Huizhou Xinyuan, a serial subsidiary, and its operating conditions improved.

Risk factors: Mobile phone sales fall short of expectations, downward pressure on gross profit margin, and demand for power batteries falls short of expectations.

Investment suggestion: The company is a 青岛夜网 well-known domestic consumer electronics BMS and battery pack manufacturer. Based on consumer electronics, it is actively deploying power battery business, which is expected to help the company grow further in the future.

Due to the weak overall volume of smartphones, we lower the company’s EPS forecast for 2019/20 to 2.


70 yuan (previous forecast was 2).


84 yuan), plus EPS forecast for 2021.

12 yuan, giving 20 times PE in 2019, corresponding to a target price of 45.

78 yuan, maintain “Buy” rating.

Hanchuan Intelligent (688022): Benefiting from the trend of electrification of automobiles to expand to new energy and medical fields

Hanchuan Intelligent (688022): Benefiting from the trend of electrification of automobiles to expand to new energy and medical fields

Introduction to this report: Reasonable market value range 24.


70 trillion, corresponding to 25-30 times the dynamic PE in 2019, with a maximum of 27 million shares issued, with a reasonable pricing range of 22.


5 yuan / share, the recommended inquiry range is 23.


42 yuan / share, it is recommended to participate in the purchase.

Investment Highlights: Reasonable pricing range 22.


5 yuan / share, the recommended inquiry range is 23.


42 yuan, it is recommended to participate in the purchase.

The company’s downstream applications are mainly automotive electronics, which are rapidly developing into medical health and new energy batteries.

As of the end of June 2019, the company has orders in hand5.

5.4 billion, 19H1 is expected to achieve revenue1.


6 billion.

According to orders in hand and downstream capital expenditures, the company’s revenue is expected to be 5 in 2019-21.



3.2 billion, net profit attributable to mothers is 0.



5.6 billion, according to a maximum of 27 million shares issued, the total share capital after the issuance is estimated at 108 million shares, corresponding to the 2019-21 EPS is 0.



44 yuan.

With reference to comparable companies’ estimates, we predict that the company’s issue price will be adjusted 25-30 times corresponding to the dynamic market surplus in 2019 and a reasonable market value of 24.


70 ppm, corresponding to a reasonable pricing range of 22.


5 yuan / share, considering the scarcity of the first batch of science and technology board listing, it is expected that the market will give a certain premium. The recommended inquiry range is 23.


42 yuan / share, it is recommended to participate in the purchase.

Automotive electronics manufacturing equipment has a wide track, and the company is deeply bound with industry leaders.

At present, the company’s products are mainly made of electrical connectors, which can be expanded to sensors and controller manufacturing equipment in the future; the company’s competitors include Komax (Switzerland), ATS (Canada), teamtechnik, Excellence Automation (Germany), Germany XenengForeign companies bid with foreign first-tier brands.

The company’s downstream customers are leaders in various fields upstream and downstream. Seven of the world’s top 10 auto parts manufacturers are corporate customers. In the field of connector segmentation, the world’s top two manufacturers (Tyco Electronics, Molex) can choose companies.Customers, through joint research and development of products, the company continues to deepen its binding with key customers.

Benefiting from the trend of electrification of automobiles, it will develop into new energy and medical fields.Approximately, the cost of electronic components for fuel vehicles and new energy vehicles increased from 15-28% to more than 60%. It is expected that automotive electronics will account for 50% of total vehicle costs in 2020; capital expenditures of downstream automotive electronics manufacturers will steadily increase, driving the company’s business growth.
On the basis of deep binding 南京桑拿网 with large automotive electronics customers, the company actively explores new customers. At present, it has placed bulk orders with large customers such as Eternal Lithium Energy and Medtronic. The new energy and medical fields have promoted heavy volume.

In 2016-18, the company’s revenue was 1.

500 million to 4.

400 million, net profit increased to 71.11 million yuan, under the effect of scale, the net interest rate increased from 1.

6% excellence improved to 16.

3%; the operating net cash flow increased from -15.06 million yuan to 60.17 million yuan, which is comparable to the scale of net profit.

Investment projects: The company plans to raise funds4.

All 68 million will be used for the construction of new projects. It is expected to add 50,000 square meters of workshops, office and pilot plants, and increase 四川耍耍网 production capacity to 1,550 units / year.

Risk Warning: Downstream investment is reduced and customer concentration is high.

Yutong Bus (600066): Sales in September are affected by the penetration of new energy and competition continues to increase

Yutong Bus (600066): Sales in September are affected by the penetration of new energy and competition continues to increase

Event: The company announced sales in September 2019, and the company sold 3,646 passenger cars in September (-38.

3%), 1?
The company sold a total of 42,140 passenger cars in September (+6.


Comments: 1. Affected by the penetration of new energy, the company’s sales pressure in September sold 3646 passenger cars (-38) in September.

3%), of which large, medium and light passenger cars were sold 1411 (-51.

8%), 1591 (-25.

8%), 644 (-23.

1%); 1?
Cumulative sales in September were 39541 (+6.

6%), of which large, medium and light passenger cars are 16655 (+1).

7%), 16627 (+12.

1%), 6259 (+4.


The company’s sales in September decreased mainly due to the time change of the new energy subsidy policy. The sales of new energy buses in July overdrawn the demand in September. It is estimated that the sales of new energy buses in September were around 1,000 (1928 units sold in the same period in 2018).The slippage of energy buses is a preliminary drag on September sales.

2. Logistics factors affect the confirmation of export orders in September. The long-term strategic stability of overseas exports. The company’s export strategy is very stable and is increasingly recognized in overseas markets.

We judge that in September, there were hundreds of exported vehicles due to logistics disturbances, and revenue has not been confirmed for the time being. The probability of the confirmation of this part of the orders will be transferred to October, which will cause a decrease in sales in September to a certain extent.
The company’s 19-year overseas sales are expected to be 7,600?
Between 8,000 units, the company’s high-end models for overseas markets are expected to be launched on the market from the end of 2019 to the beginning of 2020, at which time it will further open up the overseas market space and increase the level of profitability.

3. The market share increase 杭州桑拿网 logic remains unchanged, new products broaden the company’s revenue sources. The company actively researches and develops new products, enriches product categories, and opens up new markets. The company’s revenue may increase. In addition to traditional highway passenger cars, the design and development of new products by the public exchangeIn addition, high-end products such as T7 commercial vehicles, overseas high-end transportation, tourism, CL6 / CL7, and RVs are the focus of the company’s investment.

The company continues to expand investment in research and development, and it is expected to further widen the gap with segmentation in the future, and the market share is expected to continue to increase.

We judge that the company’s sales volume in October may be at a flat and slight growth level, and November sales volume 南京桑拿网 is likely to increase.

4. Profit forecast and rating We believe that the company’s continuous expenditure on research and development will ensure that the company is above the leader in the industry, widening the gap with relative.

In the future, the company’s market share is expected to continue to increase, and sales of high-end products will continue to increase, driving the company’s profitability.

The company’s advancement in RV and other fields will open up new market segments for the company, and overseas exports will open up more space for the company.

The company’s EPS for 2019-2021 is expected to be 1.



52 yuan, maintain “strongly recommended-A” rating 5, risk warning: passenger car sales are not up to expectations, overseas market promotion is less than expected

HKUST News (002230) 2019 Annual Report Performance Preview Comment: Revenue Breaks Ten Billion and Sets New Milestone

HKUST News (002230) 2019 Annual Report Performance Preview Comment: Revenue Breaks Ten Billion and Sets New Milestone
Considering the progress of income structure optimization brought by incremental performance management, the EPS forecast for 2019-21 is adjusted to zero.39/0.62/0.89 yuan (previous forecast was 0.41/0.62/0.89 yuan), usually the overall income is expected to maintain 30% + growth, personnel optimization continues, and the return to net profit growth is expected to continue to maintain high-speed growth. Performance was basically in line with expectations, revenue exceeded 10 billion yuan, and operating cash flow improved significantly.The company issued a 2019 performance forecast, and the report predicted that the company’s expected operating income would exceed $ 10 billion, and its net profit would be attributed to its mother.32-8.0.94 million yuan, an increase of 35% -65% over the same period last year.By quarter, benefiting from the development of the artificial intelligence industry and the company’s strategic layout, according to the company’s performance forecast, we predict that the company’s Q4 single-quarter revenue growth rate will exceed 30%, and Q3 single-quarter revenue growth rate will exceed 16%, achieving accelerated revenue growth.The company forecasts a median net profit of 8 for the full year of 2019.13 ppm, basically in line with expectations, the median Q4 single-quarter return to net profit growth rate of 36%.In terms of cash flow, the operating net cash flow of 1.5 billion reached a record high. The new CFO has vigorously improved the payment of the next project, and the degree of productization has increased, and the cash flow situation has been continuously optimized. Based on incremental performance, per capita performance continued to improve.In 2019, the company adjusted its management thinking, and its artificial intelligence strategy entered 2.In the era of 0, at the level of business management, incremental performance will be the key link, focusing on the goals of “strategic focus, management transformation, and team struggle,” to further improve operating efficiency.By rationally optimizing the efficiency of staff structure, per capita performance has continued to improve. Looking forward to 2020, the core track will realize the industrialization of AI, relying on product competitiveness, customers will control the track, and track control will help long-term growth.The B-end of the education business has been continuously implemented, and the C-end personalized learning products have been promoted. Education is expected to become the core driving track in 2020. New products for the consumer business in 2019 will continue to be polished, referring to Translator 2.0Experience is expected to further develop the market in 2020; the political and legal business is in the market development education stage in 2019, and will continue to work hard in 2020; intelligent medical services in the medical business will help achieve large-scale sales and help the sinking of graded diagnosis and treatment become new highlights. Risk factors: The investment projects are lower than expected, the C-end product promotion is lower than expected, and the cost control is lower than expected. Investment suggestion: Consider the progress of income structure optimization brought about by incremental performance management, and adjust the EPS forecast for 2019-21 to 0.39/0.62/0.89 yuan (previous forecast was 0.41/0.62/0.89 yuan), usually the overall income is expected to maintain 佛山桑拿网 30% + growth, personnel optimization continues, and the return to net profit growth is expected to continue to maintain high-speed growth.Overall / per capita profitability, degree of productization, the track further improved control, maintaining a target price of 40.81 yuan.

Xiangpiaopiao (603711) first coverage report: change the angle of the sea and the sky

Xiangpiaopiao (603711) first coverage report: change the angle of the sea and the sky
The new juice and tea categories have made up for temporary shortcomings, and many categories have come together.The company’s main military milk tea products are developed, produced and sold. The main products are solid brewed milk tea, fruit tea and liquid milk tea.For more than ten years since its establishment, the company has insisted on cup milk tea as its foothold and formed differentiated competition with other soft drinks in the market.The company launched instant beverages in 2017, which has become a new support for performance.1) Multi-brands form a product matrix, covering a wider range of channels and populations, while brewing and drinking are complementary, achieving 1 + 1> 2.2) Strong channel sinking and promotion capabilities drive category growth.High gross profit and high rebate points stimulate dealers to become bigger and stronger.3) Stick to making cup-shaped milk tea and follow the trend of marketing.  The soft drink industry has entered a period of stock games, and health has become a new trend in the future.The era of decentralized development of the beverage sector is coming-the sub-segments with extended scale and accelerated growth urgently need new categories and new products that are more in line with consumer needs; traditional giants have been voted with consumers’ feet due to development path dependenceToo weak the effect, but give new entrants with new technologies, new recipes and new channels the opportunity to cut the stock market cake.Xiangpiaopiao seized the opportunity of aseptic filling juice ready-to-drink tea, and differentiated 杭州桑拿 with the iconic “cup” as the origin of differentiation, forming a unique style in the ready-to-drink tea segment.Complementing its products meets the demands of many consumers for low sugar, less addition, and health. Therefore, it has broken away from the limited market space of essential solid milk tea products and obtained new opportunities for growth.  Profit forecast and investment rating.We estimate that Xiangpiaopiao’s revenue will reach 42 in 19-21.31/54.20/68.69 trillion, a growth rate of 30.15% / 28.09% / 26.74%; corresponding to the net profit attributable to mother 3.80/4.88/6.24 trillion, a growth rate of 20.88% / 28.40% / 27.70%; EPS (diluted) is 0.91 yuan / 1.16 yuan / 1.49 yuan.The median change in EV / EBITDA multiples of industry comparable companies in 201923.16 times.Considering the company 2019?The 武汉夜网论坛 compound growth rate of net profit attributable to mothers in 2021 is about 28.05%, which is higher than the median value of comparable companies.87%, we give Xiang Piao Piao an estimated premium of 20%, corresponding to an EV / EBITDA multiple of 27.8 times.Take the fragrance of EBITDA 2019.26 ppm, which corresponds to an EV of 174.03 billion US dollars, after the initial company has interest-bearing debt and adds back its cash assets, its corresponding total market value should be 187.5.7 billion, corresponding to 44.77 yuan / share.Covered for the first time and given a “Buy” rating.  Pioneer catalyst: 1) Solve the problem of production capacity and grasp the domestic consumer market.2) Profit turning point will appear in 2019.

Blu-ray Development (600466): New Growth Forces Strong Results and Continuously High Growth

Blu-ray Development (600466): New Growth Forces Strong Results and Continuously High Growth
The incident described the company’s 2018 operating income of 308.$ 2.5 billion.53%; net profit attributable to mother 22.24 ppm, an increase of 62 in ten years.91%; expected increase in average ROE by 4.27 up to 17.07%. Incidents commented on a surge in revenue and improved profitability, and the company’s performance continued to grow rapidly.Benefiting from the nationwide strategic layout and the enhancement of product power, the company’s gross profit margin in 2018 reached 27.75%, up 2 every year.71 averages; net margin 8.10%, an increase of 3 per year.01 single; the company’s profitability has significantly improved, in the future or continue to benefit from the advancement of strategic layout and product strength. Regional contributions have become more diverse, with eastern and southern China rising brightly.The company achieved sales of 855 in 2018.390,000 yuan, an increase of 47 in ten years.10%; sales area 801.650,000 square meters, an increase of 31 in ten years.58%; overall sales maintained rapid growth.By region, Chengdu’s regional sales accounted for about 33%.61%, the proportion in East China is about 24.46%, Central China accounts for about 15.59%, the regional contribution is more diversified.The company’s sales in East China, Beijing and South China increased by 107 each year.13%, 84.52% and 1252.94%, becoming the company’s new growth pole. Land storage resources have grown rapidly, and financing has been smooth and stable.The company’s top management adheres to the national strategic layout of “going eastward and going southward”. In 2018, it has entered Fuzhou, Nanning, Ningbo and other cities, and currently has more than 50 cities.In 2018, a total of 14.96 million square meters of new soil reserves were built. At the end of 2018, the total capacity of the land to be developed 天津夜网 reached 1044.48 million flats, an increase of 48 in ten years.16%, which can effectively support the company’s future growth.In addition, the company raised 509 in advance at the end of 2018.USD 9.5 billion, a significant increase of 62 every year.33%, to a certain extent, guarantees the certainty of previous performance. Operating force, active financial operations, the company’s net debt ratio and financing costs remained stable.The company’s net debt ratio at the end of 2018 was approximately 102.70%, about 91 at the end of 2017.53%, which remains stable overall; the average financing cost is 7.54%, a slight increase of 0 from 2017.35 units, effectively controlled financing costs in a relatively tight liquidity environment. Benefiting from the nationwide layout and the enhancement of product power, we maintain the “Buy” rating.The company’s nationalized layout and improved product performance have been recognized by the market. Performance growth has entered a fast track, and future operations are expected to reach a new level.It is predicted that the EPS of the company in 2019, 2020 and 2021 will be 1.11 yuan, 1.70 yuan and 2.03 yuan, the profit growth rate was 49%, 53%, 19%; corresponding to the daily PE of March 18 was 6 respectively.47x, 4.23x, 3.55x.Maintain “Buy” rating. Risk Warning: 1. Uncertainty in macroeconomic trends and industry breakthroughs may have a certain impact on the company’s operations; 2. The company’s settlement progress has some uncertainties, or it will have a certain impact on the company’s performance.

Ping An of China (601318) Semi-annual Report Review: Traditional Business Continues to Be Good

Ping An of China (601318) Semi-annual Report Review: Traditional Business Continues to Be Good

Conclusions and recommendations: Ping An’s net profit increased by 68 in the first half of the year.

1% to 97.7 billion, of which the diabetes back to 10.4 billion, basically consistent with our previous exclusion.

The company’s life insurance focuses more on protection products, and optimizes agent channels to achieve positive growth in new business value.

The company’s property and casualty insurance was driven by non-auto insurance to grow rapidly, its cost rate was stable, and its margins improved.

Benefiting from the improvement of the equity market, the investment side of Ping An Group recorded a good performance.

We suggest that investors should pay more attention to the development of the Ping An technology sector and its role in nurturing the group as a whole.

The overall valuation of the company is at a relatively reasonable level, and we continue to give “buy” investment advice.

  In the first half of the year, net profit increased by nearly 70%: Ping An of China released its semi-annual report and achieved net profit of 97.7 billion in 1H2019, an increase of 68 year-on-year.

1%, of which 10.4 billion is the reflection of reduced plasma in 2018 in 2019, which is basically consistent with our previous precipitation.

If this factor is deducted, Ping An’s net profit in the first half of the year will increase by 50%, of which 2Q will increase by 30% in a single quarter.

The company announced an interim dividend of 0 this time.

75 yuan / share.

  The value rate of new business increased, and agents’ ability to create value was stronger.

From the perspective of life insurance, premiums in 1H2019 reached RMB 315.8 billion, an increase of 9 year-on-year.

2%, of which the new single premium is reduced by 6.

6%, renewal premiums increased by 18.


  This is due to the fact that life insurance companies have been more focused on protection insurance since this year, and the new business value rate has achieved a higher level, and has improved compared with the same period last year.

From the perspective of Ping An, the new business value of 1H2019 supplements 44.

7%, an increase of 5.

7pct and drive new business value to achieve 4.

Positive growth of 7%.

In terms of agents, the average number of agents in 1H2019 was 1.24 million, a year-on-year decrease of 5.

5%, but the per capita new business value of the agent channel increased YOY by 8.

5%, reflecting the improvement of agent value creation ability.

  Non-auto insurance increased faster and the margin of cost rate improved.

From the perspective of property and casualty insurance, 1H2019 achieved 130.5 billion premiums, an increase of 9 year-on-year.

7%, of which auto insurance increased by 9.

0%, non-car insurance increased by 11.


In terms of cost, despite the decline in the company’s expense ratio under the background of newspaper and bank integration: Ping An Property & Casualty Insurance 1H2019 expenses 37.

4%, a year-on-year decrease of 1.

0pct, but the payout ratio increased in the first half of this year, recording 59.

2%, a year-on-year increase of 1.

8pct, driving the comprehensive cost rate to rise by 0.

8 points to 96.

From a month-on-month basis, Ping An Property and Casualty Insurance’s costs have improved marginally. The cost ratio in the first quarter of 2019 was 97.
The 0% level has declined.

  The investment side performed better.

From the investment side, the net investment income in 1H2019 increased by 4.

5%, the annualized total investment income is injected 5.

5%, a year-on-year increase of 0.

3pct, 1.

5 points, the increase in net investment yield is mainly due to the increase in fixed income asset income and equity investment dividends since the beginning of this year. Against the background of the overall equity market, the total investment yield has also improved.

From the perspective of capital allocation, the proportion of Ping An’s preferred stocks, stocks, equity funds and long-term equity investments has increased since this year.

  Non-insurance business is remarkable.

In terms of non-insurance business, the performance was remarkable. For example, Ping An Bank’s net profit grew faster than expected, and retail conversion has achieved fruitful results. As one of the financial technology service cloud platforms, Financial One Account has gradually cooperated with 3,707 customers (615 banks, insurance companies(81, 3011 in other categories); Ping An Good Doctor has 62.7 million active users, an increase of nearly 30% year-on-year; Ping An Medical Insurance Technology has provided refined medical insurance management services to more than 200 urban medical insurance management institutions, covering more than 8 billion insured persons;The average daily number of independent users of the car home reached 37.8 million, and YOY increased by nearly 50%.

In the non-insurance business, we have seen the technology sector of Ping An Group continue to incubate, and it is expected that it will continue to erupt in the future.

With the continuous development and application of the company in the field of science and technology, it can also achieve a certain effect of nurturing the traditional financial business.

For example, Ping An currently uses AI to provide interviews 北京保健按摩 for agents, the high-simulation robot AskBob provides sales assistance to agents, and uses exhibition assistants and robots to improve the efficiency of property insurance operations.

  Growth disease insurance group: On the whole, the company is still a growth alternative insurance group, with an embedded value of 1H2019 growing earlier11.

0% to 1.

1 trillion, mainly due to the increase in the value of new business, operating experience expectations are assumed, and investment returns are better than assumptions.

From the perspective of ROE, the non-annualized ROE in the first half of this year was 16.

3%, a fairly high level among financial companies.

  Investment suggestions: We expect the company’s net profit in 2019 and 2020 to be 166.4 billion, 187.1 billion, and EVPS to be 68.

0 yuan / share, 83.

8 yuan / share, corresponding to PEV is 1.

27X, 1.

03X, reasonable estimate, continue to give “buy” investment advice.

  Risk Warning: Macroeconomic Downward Expectation

Zhonggong Education (002607): The teaching and recruiting industry in vocational units is changing.

Zhonggong Education (002607): The teaching and recruiting industry in vocational units is changing.

Event: The company released 2019 performance forecast: net profit attributable to mother is 17.


200 million (+ 49-58%).

Net profit growth + 49%?
+ 58%, as expected.



2 ppm (+ 49%?
+ 58%), in line with our expectations.

In 2019, the company has been working on several directions: 1) enhancing research and development capabilities and management efficiency; 2) product technology and Internet; 3) all categories of vocational training.

We have also seen that the company has been surpassing expectations in the areas of graduate entrance examination, teachers, and IT.

Channel expansion continues to sink, from regions to colleges.

There are 880 direct-operated branches in 2019H1, and the channel continues to sink, and the speed and breadth continue to increase.

The channel expansion dimension was previously a region, but now it is from region to college.

The demand for vocational training industry is long tailed. China has 2876 county-level cities and 2663 colleges and universities. The county-level cities have channel extensions and continuous coverage of universities. The demand for employment training in fourth- and fifth-tier cities may be further stimulated.

The reform of public institutions has strengthened their public welfare attributes and further marketized competition.

A small number of public institution personnel undertaking administrative functions are transferred to the civil service administrative establishments, military-operated public institutions are shifting to enterprises, public institution reforms are more biased towards people’s livelihood, employment rigidity is more sufficient, and dating market competition.

Public institutions recruited 170,000 people in 2018 and 230,000 people in 2019, a significant increase.

The examination format has changed, and CPG Education, an innovative training method, will continue to seize market share in the future.

Examination grading, stricter examinations, and the nature of examinations changing from qualifications to similar competitive examinations will increase participation rates.

According to Sina Education Data, the number of teachers participating in the exams in 2019 is about 9 million, and 2.9 million are in postgraduate entrance examinations. At present, the participation rate of the huge test population has increased, but it has increased.

Small class training, full-process services are changing the format of teaching, recruiting, and postgraduating. Zhong Gong is the driving force of the industry 北京桑拿洗浴保健 transformation and continues to seek scale growth.

Earnings forecasts, investment ratings and estimates.

Taking into account the rapid growth of the company’s teacher examination training, postgraduate entrance examination and IT business, the recovery of the civil service examination training business and the public institution examination training business, and the improvement of the company’s profitability due to the dual teacher classroom, we maintain Zhongguo Education 19?
The 21-year net profit forecast is 17.



9.5 billion.

The current market value of about 110 billion yuan corresponds to a P / E of about 62/43 / 31x in 19-21, maintaining the “Buy” rating of Zhong Gong Education.

Risk Warning: Risk of failing to fulfill promised performance and enrolling more students.

Enjie (002812): Long-term patent licensing agreement with Teijin Japan to expand the supply of overseas power lithium-ion batteries

Enjie (002812): Long-term patent licensing agreement with Teijin Japan to expand the supply of overseas power lithium-ion batteries

Company statusThe company announced on the official website on November 21, 2019.1, and Teijin Co., Ltd. reached an agreement on in-depth cooperation in the field of solvent-based alternative insulation films for new energy vehicle power lithium ion batteries.

At the same time, PVDF series solvent-based substitute materials and related patents and phase separation method replacement production process related patent license contracts were signed.

Comment on the patent barriers existing in the supply of insert film overseas, and obtain patent authorization to promote Enjie’s supply of replacement films overseas.

Lithium battery based membranes and replacement membranes have replaced precision chemical products. Japanese and Korean companies have been cultivating them for many years, and have established certain patent barriers.

For example, Celgard accused Targary in 2019, and Japan’s Asahi Kasei sued Shenzhen Xuran Electronics in 2018.

Teijin Japan has been cultivating solvent-based replacement membranes for more than 10 years. According to the SNE report, Teijin is second only to LG Chem in terms of the number of patents replaced, and has a strong strength.

We believe that Enjie can realize the manufacturing capability of high-end replacement films, and it is expected to realize the replacement film supply to overseas lithium battery companies after obtaining the patent authorization.

Volkswagen MEB and Tesla’s China supply system have a high volume, and Enjie entered the core supply system.

In our outlook for 20202, emerging European markets will enter high growth, and domestic joint ventures and the Tesla system will also enter a heavy volume period.

Enjie has realized the batch supply of power lithium batteries to MEB Europe and Tesla’s core supplier LG Chem in China.

Global competitiveness has improved, and we believe that the optimization of overseas supply structure will bring both volume and price to rise.

Domestic 1-3Q19 suppliers’ domestic base film semi-finished products and average replacement film prices are 1.

81 and 2.

73 yuan / flat, supply semi-finished products overseas and replacement membrane accessibility3.

89 and 10.

57 yuan / flat.

The price of overseas membrane replacement can reach nearly 3 in China.

9 times, while the semi-finished product is only 2.

1 times.

The company currently leads the world in cost and scale. We believe that obtaining internationally leading alternative 深圳桑拿网 patent licenses and completing its high-end alternative film manufacturing capabilities will further enhance global competitiveness.

Therefore, we believe that obtaining the patent authorization will be an important turning point for the company’s business development. Moving towards the large-scale supply of replacement membranes overseas, under the trend of falling prices, product structure upgrades can achieve both volume and price increases for overseas customers.
Estimates suggest that we believe that cooperation with Teijin in power lithium battery replacement membranes and patent authorization can strengthen the company’s global competitiveness, and is expected to achieve overseas supply of replacement membranes in 2020.

Under the downward price trend, the upgrade of product structure has driven both volume and price to rise.

We temporarily maintain August / 2019/8.


Earnings forecast of $ 400 million, but raise target price by 14.

9% to 48 yuan, corresponding to 48/37 times price-earnings ratio for 2019/2020.

The current sustainable correspondence for 2019/2020 is 40 / 31x P / E, with 21.

5% upside, maintain Outperform rating.

Risks The production and sales of new energy vehicles worldwide have fallen short of expectations, and the company’s overseas emissions have fallen short of expectations.