“The above,Is the source of global offshore funds,Let me explain the world offshore financial market。”

“Although the existence of a huge amount of offshore funds has brought a great security crisis to the financial authorities of all countries in the world,But it’s not that these offshore funds are useless。”
“in contrast,These offshore funds have played an extremely important role in the world financial circle.,Many people call these huge amounts of offshore funds the lubricant of world finance.,This analogy couldn’t be more appropriate。”
“What is the essential meaning of finance?Finance refers to financing,It means that the party in need provides financial support,At the same time, provide investment opportunities for the party with surplus funds。”
“The flow of offshore funds perfectly assumes the true role of finance。For example, if an underdeveloped country wants to introduce advanced machinery or technology from developed countries,However, the country lacks the international currency, the US dollar, which is needed for international trade.,How to do?”
“Without the existence of the world’s offshore financial market,The country can only go to the International Monetary FundIMFOr the World Bank to apply for loans with extremely stringent conditions。”
“Or negotiate with the advanced machinery and equipment supplier,Sign certain guarantees such as domestic tax or customs revenue、Or give the country tariff preferences and other treaties that humiliate the country。”
“No matter what form,Are trampling on the dignity of the underdeveloped country,They don’t want to accept!”
“And because of the world offshore financial market,Then things are much simpler,The country can go to the world offshore financial market,You only need to pay a certain amount of collateral to lend money to the international general interest rate,So as to achieve their import purpose。”
“It also saves the country from seeing other countries’ faces,Even at the price of sovereignty,From this we can see the importance of the world’s offshore financial market。”
“Another example,If an investment institution has a unique vision,I found a fleeting investment opportunity in the world financial market。”
“Without the existence of the world’s offshore financial market,Then the investment institution needs to borrow funds from other investment institutions or banks,And according to the procedures, the lending bank must carry out the necessary project inspection and evaluation procedures。”
“Down this set of procedures,It not only took a lot of time,Lost that fleeting investment opportunity,At the same time, it will also cause adverse effects such as investment leaks,Therefore, the impact on the borrowing investment institution is very large。”
“But because of the existence of the world’s offshore financial market,The investment institution can easily borrow a large amount of capital to invest,Eliminates complicated procedures for loans,Ensure that it can maximize investment profits。”
“Besides,Because of the existence of the world’s offshore financial market,Once any currency exchange rate fluctuates,Speculative opportunities were discovered by offshore funds。”
“A huge amount of offshore funds will immediately swarm up for speculation,So that while earning investment income,It can also quickly bring the country’s currency exchange rate back to normal。”
“All in all,The world offshore financial market can not only bear、Stock market、The financing functions of traditional financial markets such as the bond market。”

“No more!”Lu Menglin answered casually,Keep walking。

“Classmate,Classmate!Don’t leave,you listen to me,There are many clubs in our school that are very good。I think you can join one of them!I think you are in good shape,Why not join a dance club?There are so many beautiful girls in there。”
“Thank you,no need!”Lu Menglin said lightly。
“What about the calligraphy and painting club?You have a good temperament,I’ll definitely paint?”
“I do not know!”Lu Menglin continues to move forward。
“What about the choir?Your voice is nice,I think you must have a talent for singing。”
Don’t look at the petite girl talking,But the pace is fast,He insisted on chasing Lu Menglin and introduced along the way。
It’s a pity that Lu Menglin was not moved at all,Because he knows,I don’t have enough time now,In addition to earnestly completing school,Also take care of the company’s business,It takes a few chunks of time just to serialize every week,Not to mention joining these clubs or something。
And Lu Menglin doesn’t have much interest in college student clubs,He wants to socialize again,Learn some basic fur in the club,Doesn’t make much sense to him。Once people’s goals are clear,Other things are hard to shake。
“Sorry,Can you let me go?I am not interested in joining the club。”Lu Menglin shook his head and smiled bitterly。
Girl bit her lip,Bow your head,Staring at Lu Menglin with a grudge,It took a long time to break away from worry and smile。
“Forget it,Tell you the truth!Actually I bet with others,The bet is as long as you can get into one of the clubs,I immediately made two hundred yuan!Big deal now it’s cheaper for you,Half your bet,You can pick one to join?Just help!”The girl said half coquettishly and half seriously。
It turns out that there is such a routine,Lu Menglin looked up and looked around,Sure enough, I saw a few girls chatting not far away,From time to time I peeped at the situation here。
“What’s your name?”Lu Menglin tilted his head,Suddenly asked。
The girl immediately changed to a vigilant face,Stare at Lu Menglin’s eyes,Frowned:“What do you want?”
“I don’t even know your name,Why should i help you?”Lu Menglin casually said。
“My name is Zhong Liying,English major,My favorite singer is Xu Meijing。Can you join the club now?Which to join?”Zhong Liying blinked her big lovely eyes,Smile like a cat squinting。
“Got it。”Lu Menglin nodded,Speeds up again。
“Hey,You haven’t joined the club yet!”Zhong Liying shouted angrily。
“I don’t want to join the club,Don’t want any。”Lu Menglin said as he walked。

Simon·Robertson’s face looks more ugly,He just couldn’t answer Chen Geng’s question,It’s not that I can’t answer,But the actual answer is too shameful!

if we assume“tay”If the series engine is a product on the verge of elimination in the civil aviation engine market,Then“Spey”Series engines are products that have been completely eliminated by the market,Can be biased,Rolls·Royce still has no way to stop production of such a product that has been completely eliminated by the market。
The reason for continuing production“Spey”Series engine,Because some airlines still carry“Spey”The engine of the aircraft is in service,such as“Trident”、FokkerF28、Like GulfstreamIIAnd GulfstreamIII。
And since these planes are still in use,The engine may be damaged or damaged,May need to be replaced,But even if you look at the world,Need to be replaced every year“Spey”There are not many series engines,Coupled with the second-hand aircraft lending companies such as Chen Geng provide to the market“Spey”Engine shock,Rolls·Royce sometimes cannot produce in a year10station“Spey”Engine conditions are also possible——10station,Rawls·Royce Group launched“Spey”Minimum output required for engine production line。
Looking at Simon who doesn’t look pretty·Robertson,Chen Geng is not too much,Then he said with a smile:“If so,,Mr. Robertson,Rolls·Royce produces“tay”Series and“Spey”Total number of series engines,Which is six or seventy stations,And these sixty or seventy“Spey”Series and“tay”Series total sales,If I remember correctly,Also7000About ten thousand dollars?”
Of course Chen Geng was right,“tay”The price of the series engine is slightly higher,The price of a single engine can reach120About ten thousand dollars,50Yutai is6000Ten thousand dollars;As for“Spey”engine,Because it’s too old,Even a brand new engine,The price does not exceed80Ten thousand U.S. dollars,That dozen or twenty“Spey”The total selling price of the engine,So-so1000Ten thousand dollars。
In other words,Rolls·Royce produces“tay”Series engines and“Spey”Total selling price of series engines,Also7000Ten thousand dollars。
“This output、This point of sales,For Rawls·Royce is totally a chicken rib,”Chen Geng continued:“But you Rolls·Royce still dare not move“tay”Series engines and“Spey”The production line of series engines stopped,But if we cooperate in the way I just proposed,will“tay”Engine and“Spey”The engine production is handed over to COMAC,And then diverted the vacated workers to“Trent”700The engine production line?”
Chen Geng smiled and reminded Simon·Robertson:“I heard that you have signed a supply agreement with Airbus Group,One‘Trent’700Almost2000Ten thousand dollars,How to calculate this account,Mr. Robertson, you should be very clear。”
Rolls·Royce did not dare to“tay”Series engine“Spey”The production line of series engines stopped,Not because of Rawls·Royce has a strong sense of corporate responsibility,But because if they did,Will greatly affect Rawls·Sales of Royce Group’s main products:Once Rolls·Royce will“Spey”Series and“tay”Series engine stopped,Those aircraft in service still carry“Spey”Series engines and“tay”What would a series of engine airlines think of Rolls·Royce?
Do you think this product has no future,So it stopped?But you didn’t consider that we actually need you to provide the corresponding products and technologies.?
Count us blind this time,In the future, our company will never choose you Rolls when purchasing aircraft·Royce products,If you choose you again, Rawls·Royce’s engine,Lao Tzu is a puppy!
In fact,This is also the basic mode of operation of various aero engine companies:Can provide maintenance services for products produced at least thirty years ago。
And the situation is exactly as Chen Geng said,Simon·Robertson began to calculate again in his heart:
According to previous Airbus calculations,The future after production20In the year,A330withA340The total sales of this pair of sister models are expected to break through2000frame,Even at a discount,at least1500She should be there,This means that the Airbus Group produces75Double-endedA330And four-shotA340,ToA330withA340Capacity ratio2:1To calculate,Airbus Group produces50frameA330with25frameA340,This means that the Airbus Group needs toA330withA340purchase200Engine,This also means that even if Rawls·Royce takes down AirbusA330withA3401/3 of the total annual engine demand,Theoretically can be sold67station“Trent”700。
Rolls·Agreement between Royce and Airbus Group,One“Trent”700The price of the engine is more than2000Ten thousand U.S. dollars,67station“Trent”700Is at least13.4One hundred million U.S. dollars。
Considering that no airline will pay the purchase price in one go,But use installments,This also means that Rawls·Royce can also enjoy the profits in financial derivatives,This67station“Trent”The engine actually gives Rolls every year·Royce Group’s sales will exceed14USD!

17-year-old Ke Jie, the youngest player to win the World Open Championship, ranked third

17-year-old Ke Jie, the youngest player to win the World Open Championship, ranked third
Minnan News on January 15th I gave myself a hundred points!Ke Jie is so confident.I like the good voice singer Li Wenqi!He has the advantage.In the fifth round of the final of the Braun Cup World Go Open yesterday, Ke Jie, a 17-year-old from Lishui, Zhejiang, defeated Qiu Jun in the middle and won the championship.Based on this, Ke Jie did not win the 1.8 million championship bonus, and will jump directly from four to nine.At the age of 17 years and 4 months, the youngest player to win the championship ranked Li Changhao and Fan Tingyu, and ranked third.Shin Ke’s world champion Ke Jie lost the game as a child and refused to let go. Ke Jie’s father, Ke Guofan, was a famous Go player, probably with 4 amateur stages.At that time, he opened a small chess room at the Workers’ Cultural Palace in Lishui. Zhou Liuping, who has a big belly, is pouring tea and water for everyone in Zhang Luo.In such an environment, the couple ushered in a little life of playing chess since childhood.  Don’t look now, Ke Jie is now 1.83 meters in size, but many of his long-time fathers have been watching chess fans, but the memory has always stayed with the boy with the tiger head and brain.When he was 6 years old, his parents sent him to the Go training class, and Xiao Kejie immediately fell in love with playing chess.Li Shousheng of the Lishui City Go Association recalled that one night Lao Ke brought Ke Jie to play chess with him. After losing the game, Ke Jie wouldn’t go home, but Li Shousheng’s thighs would have another game.Ke Jie was taken to the Nie Weiping Go Stadium in Beijing when he was 8 years old.Ke Jie got up at 6 o’clock in the morning every morning. He didn’t disturb the rest of the family and worked alone in a small room.At the age of 11, Ke Jie successfully stepped into the door of professional chess players.Net Chess has developed a good skill Ke Jie’s net is called lurking, the head picture is Sun Honglei’s stills, Ke Jie played thousands of chess online.He is extremely popular on the Internet, and was given the nickname Little Secret Agent by chess fans, as if he were the first person to play online chess.At the same time, due to the extremely high win rate in the national junior team, the little friends also nicknamed Ke Zhenxie.  Ke Jie has both high chess skills and a very sunny personality.His explanation on the Internet is very personal, he boldly interacts with chess fans, and can also laugh at his mistakes in the atmosphere, and occasionally reveals the gossip of some Chinese player who is most concerned about by chess fans.In 2014, he played 20 games in the National League One and lost only two innings, winning a terrible 12-game winning streak, with his rating soaring from 50 to 60 to second place.Also last year, he won the first domestic competition in his life at the Ahan Tongshan Cup Chess Tournament.When asked about the subsequent confrontation with Yuta Iiyama of Japan, he changed his former chess player’s politeness and replied arrogantly: let his opponents splash blood for five steps!

Liu Yonghao: It is recommended to include the arrears of corporate accounts and other behaviors into the government credit index

Liu Yonghao: It is recommended to include the arrears of corporate accounts and other behaviors into the government credit index
The reporter learned from the New Hope Group that the National Committee of the Chinese People’s Political Consultative Conference and the chairman of New Hope Group Liu Yonghao suggested in a resolution submitted by the two sessions this year that the government owe corporate debts and unilaterally do not sign contracts to be included in the local government’s credit indicators asAn important assessment index for local government leaders.  In the preliminary stage, Liu Yonghao stated that the phenomenon of local government arrears in private enterprises has existed for a long time, especially in the context of the current downward pressure on the economy, some small and medium-sized private enterprises have encountered some difficulties and problems in the development, and have been owed for a long time.The receivables have serious consequences for the capital turnover, economic benefits, and normal operation of the enterprise, which is worse for many enterprises.In 2019, the Central People’s Government issued the “Opinions on Creating a Better Development Environment to Support the Reform and Development of Private Enterprises”, clearly proposing to establish a long-term mechanism for clearing and preventing arrears of accounts.  In this regard, Liu Yonghao made three suggestions: First, from the perspective of prevention, standardize project approval management and include project funds in place.It is recommended that local governments strictly implement the “Government Investment Law”, and projects that have not been funded for a long period of time will not be established. Restructuring government projects requires companies to be contracted in various ways to increase the minimum rate of progress payments and prevent new arrears.For projects involving infrastructure and public affairs, special bonds and other financing methods are adopted and included in the project funds.For government-invested projects, no clear source of funds shall be allowed to be approved. Investigating and punishment of non-budget projects, construction without approval, construction unit advances construction and other violations.  Second, establish a local government credit system.It is recommended that the government’s arrears of corporate accounts and unilateral non-performance of contracts and other acts should be included in the local government’s credit indicators as an important assessment indicator for local governments.At the same time, the local government with the highest credit is limited in its authority to implement projects.Strengthen random inspections to supervise and facilitate special audits, announce localities and departments where work is weak, publish typical cases with serious impacts, and implement joint disciplinary actions against untrustworthy people.  Third, it is recommended to strengthen the verification and supervision of corporate complaints.Organize the implementation of special actions for private enterprises to clear debts, urge relevant regions and departments to verify within a time limit, and promptly promote solutions.For enterprises to complain about and report cases through various channels, urge all regions and relevant departments to establish a deadline for settlement and feedback system, so that everything is echoed and piecemeal.Reporter Hou Runfang, editor Sun Yong proofreading Wei Zhuo

Alcoholic drink (000799): Interim report results in line with expectations

Alcoholic drink (000799): Interim report results in line with expectations
Event: The company released the 2019 semi-annual performance report, and achieved operating income in the first half of 20197.09 million yuan, an annual increase of 35.41%; net profit attributable to mothers1.56 ppm, an increase of 36 in ten years.34%.  Among them, 2019Q2 achieved revenue 3.63 ppm, +40 for ten years.49%, net profit attributable to mother 0.8.3 billion, +60 in ten years.63%.  High-end internal reference relays continued to increase the volume of high-end alcoholics, and revenue maintained rapid growth.The company achieved revenue 7 in the first half of 2019.Ten percent of 09, +35.41%; revenue in the second quarter of 20193.63 ppm, +40 for ten years.49%, the growth rate is in line with expectations.The rapid growth of the company’s revenue was mainly due to the rapid volume of high-end internal reference wines in the first half of the year.According to grassroots research, the internal reference in the first half of the year basically completed the results of last year, and based on this calculation, the internal reference H1 achieved revenue of about 2.400 million, 94 in the same period last year.On the basis of a high base of 13%, the excess growth still rose to more than 130%, indicating that the growth of high-end internal parameters is strong.In December 2018, the company established an internal reference wine sales company in which distributors take a stake, deeply binding the interests of large distributors. Internal reference wine maintained rapid growth under a flexible operating model, and it is expected that it will reach the average of last year most likely before 19 years ago.  With the growing maturity of internal reference wine sales companies and the increasing number of distributors, the internal reference wine will take over from the ghost wine to become a new engine for the company’s performance growth.  Fearless of short-term performance fluctuations, product structure upgrade expenses remain stable and the company’s profitability is guaranteed.The company achieved net profit attributable to mothers in the first half of 20191.56 trillion, +36 ten years ago.34%; In the second quarter of 2019, net profit attributable to mothers was zero.8.3 billion, +60 in ten years.63%, the growth rate is in line with expectations.The main reason why the company’s net profit attributable to mothers grew faster than expected in the first quarter of 2019 was because the company actively shaped its high-end image, its brand building shifted from the region to the country, and the sales expense ratio increased;Rebates, etc., led to a reduction in gross 南京夜网 profit margin3.27 points.We believe that Q2’s performance has increased rapidly, and the reduction is an indicator of the short-term impact of cost placement. However, in view of the extension of the size, the cost has remained stable as a whole.We believe that fee issuance will help the company achieve national brand expansion and lay a solid foundation for the rapid growth of future performance.It is expected that the overall cost and expenditure will not change in 19 years, and the offline channel expansion will be more accurate and efficient. With the rapid growth of the company’s revenue volume, the expense ratio will tend to decline, and the company’s profitability will also improve significantly.At the same time, the high increase in profits is due to the upgrading of product structure.According to estimates, the company’s participation ratio increased to 35% in the first half of the year, an increase of 14.41 points.The revenue share of high-end internal reference and sub-high-end alcoholics increased to 90%, and increased by 4pct by 2018.With the volume of internal reference and alcoholics, the company’s product structure will continue to be optimized, and gross and net profit margins will continue to improve.  Demand for high-end liquor is strong, channel expansion is accelerating, and we are optimistic about the company’s future performance growth.With the Maotai charcoal price standing at 2,000 yuan, and the successful implementation of the price increase strategy of Wuliangye and Luzhou Laojiao, the high-end liquor market has shown an upward trend and strong demand.Against this background, the company’s internal reference wine in the second quarter of the volume control and price increase strategy also smoothly implemented.We believe that the goal of doubling the internal reference three years each year will most likely be achieved.At the same time, the rise of external Moutai prices is also high-end, and the next high-end liquor will release space, and the company’s product structure will be further optimized, driving rapid growth in net profit.In terms of channels, the company further cultivated the base camp in Hunan to promote the transformation of the channels. The stores were sunk to the district and county levels, and the county-level market in Hunan province was basically covered.As the only listed liquor company in Hunan Province, the company has a high degree of local brand recognition, but the scale is still small. With the deepening of the province’s channels in the future, the company has potential in Hunan market.In addition, the company is expected to realize shareholders’ COFCO’s rich consumer product marketing experience to accelerate the nationwide layout and provide a broad space for sustainable performance growth.  Profit forecast: It is expected that the company will realize revenue in 2019-2021.60/19.80/22.30 ppm, an increase of 31 in ten years.42% / 26.93% / 12.63%, net profit attributable to mother 2.91/4.17/5.30,000 yuan, an increase of 30 in ten years.47% / 43.40% / 20.78%, corresponding EPS is 0.89/1.28/1.55 yuan.Taking into account the company’s internal volume, the company can still achieve high growth in the next 2-3, giving the company a 30-fold estimate, 12-month target price of 38 yuan, 53% upside, maintaining the company “strongly recommended” investment rating.  Risk warning: food safety risks, macroeconomic downside risks, product structure optimization is less than expected, etc.

Enjie (002812) Annual Report Comments: Capacity Rising, Customers Exploiting, Smooth Expansion, Continued High Growth

Enjie (002812) Annual Report Comments: Capacity Rising, Customers Exploiting, Smooth Expansion, Continued High Growth

Enjie has released its 18 annual report, which reports a series of realized operating income.

5.7 billion (+16.

23%); realized net profit attributable to mother 5.

18 billion (+40.

79%), basically in line with previous expectations.

Actual profit exceeded the reported value: Shanghai Enjiejie’s net profit in 2018 was 63,792.

120,000 yuan. Due to the consolidation time, the net profit attributable to shareholders of the listed company was 47,601.

680,000 yuan, but if all can be consolidated, the net profit attributable to the mother can reach 5.

800 million yuan.

Due to the impact of de-capacity and intensified competition in other businesses such as film and packaging, net profit shifted significantly.

The profit of a single shareholder is still expected to decline slightly: after calculation, the company’s average profit level per square meter in 2018 is 1.

25 yuan, lower than the level of 17 years.

It is expected that the profit of single square meter in 19 years will continue to expand to a certain extent.

Industry consolidation has been consolidated, and growth in 19 years is expected: the company’s restructuring volume in 18 years has reached 40% of the market share, and it continues to climb.

By the end of 18, the company’s wet diffusion capacity had reached 1.3 billion square meters, and it had achieved close cooperation with domestic battery leaders such as Ningde Times; foreign customers had successfully developed, LG, Panasonic gradually increased volume, and Samsung 杭州桑拿网 also steadily increased.

The previous quarterly report predicts the net profit of the mother.


1 billion, an annual growth of 729% -779%, laying the foundation for long-term growth.

Maintain “Buy” rating: It is expected that the company will realize net profit attributable to its mother in 19/20.


80 billion, corresponding to the current expected PE32.

2 and 26.

2x, maintain “Buy” rating.

Risk Warning: Decreased industry demand, decreased profitability, weak customer development

China Pacific Insurance (601601): The transition of overall performance exceeding market expectations2.

0 results

China Pacific Insurance (601601): The transition of overall performance exceeding market expectations2.

0 results

Investment Highlights: Earlier growth in embedded value17.

5%, net profit attributable to mothers increases by 22 per year.

9%, NBV increased by 1 in ten years.

5%, new business value margin ratio increased in advance4.

3pct, performance is fully expected market expectations, the average value of property and life insurance business shows a strong improvement trend, investment yield is more stable.

19 years is the transition of CPIC.

In the year of 0, CPIC will promote the construction of the CPIC Service brand, expand its business extension with services, and look forward to change.

0 results.

In 2019, the asset side (stock market is improving) and the liability side (increasing or improving) are improving. The 1st quarter report and 19-year performance and high growth can be expected, with a “Buy” rating.

1. Embedded value (EV) increased earlier.

5%, an increase of 8 over the middle of the year.

7%, previously expected by the market.

Among them, life insurance EV increased by 20 earlier.

7%, exceeding market expectations, mainly due to the positive “investment deviation” and a comprehensive investment return of 5%.


The contribution of bond market growth to EV contribution, “market value adjustment” / EV at the beginning of life insurance is 1.


2. Net profit attributable to mothers increases by 22 per year.

9%, of which 4 quarters increased by 42.

0%, estimated market expectations, is expected to be related to changes in accounting estimates leading to less reserves (changes in accounting estimates increase 18 years profit budget 500 million yuan).

CPIC Life and CPIC Property & Casualty increased their net profit by 38.

9% and -6.


Net assets increased earlier 8.


The remaining marginal balance is 285.4 billion yuan, an increase of more than 25%, providing a stable source of profits in the future.

3. NBV increased by half a year.

5%, the new business value margin is 43.

7%, an increase of 4 per year.

3pct, expected market expectations.

The NBV margin was raised to the optimization of the product structure at the next higher level, and the percentage of annualized premiums in the first year of the long-term protection new business increased by 7.

4 points to 49.


The performance of NBV improved significantly in the second half of the year, and the previous growth rate of NBV was as high as 55.

2%, the expansion lies in the company’s increase in the promotion of protection insurance, and the low base in the second half of 2017.

Monthly average agent 84.70,000, New Year’s Eve 3.

1%, but the quality and productivity of the team has improved, and the average monthly manpower is 14.

90,000, an annual increase of 14.

At 6%, per capita NBV is increasing by 4 per year.


4. The comprehensive cost ratio of 天津夜网 property and casualty insurance went down.

4 points, expected market expectations, of which the payout ratio has dropped significantly3.

7 points.

But the expense ratio rose by 3.

3pct increased the increase in income, and the effective tax rate increased from 37% in 2017 to 46%.

The premium structure has been optimized, and property insurance premium income has increased by 12 each year.

6%, of which auto insurance premiums increase by 7.

5%, non-auto insurance premiums increase by 30 per year.

8%, non-car insurance ratio increased by more than 3.

5 points to 25.


5. The comprehensive investment yield is as high as 5.

1%, the counter trend rose by 0.

3pct, the total investment yield is as high as 4.

6%, because the asset ratio of “equity + equity funds” is only 5.

7%, bonds accounted for 46.

3%, so the impact of the stock market on investment returns is relatively small.

Investment suggestion: 2018 is China Pacific Insurance’s implementation of “strategic transformation”.

In the year when the energy storage potential of “0” was started, the performance of the annual report for 18 years expanded market expectations, the average value of the property and life insurance business showed a strong improvement trend, and the investment yield was more stable.

In 2019, the asset side (stock market is improving) and the debt side (increasing or improving) are both improving. The first quarter report and 19-year high growth performance can be expected.

2019-2021 年净利润预估调整为238\272\323 亿元,原2019\2020 年的利润预估为243\287 亿,调低预估是考虑到太保的资产配置中权益占比小,Benefit from rising stock market or will be smaller than other companies.

At present, the overall corresponding PEV in 2019 is only 0.

75 times, maintain “Buy” rating.

Risk Warning: The interest rate is lower than expected; the agent’s growth is not up to expectations; the sales of guaranteed products are not up to expectations

Sanhua Intelligent Control (002050): The performance is in line with expectations. The expected gross profit margin is expected to improve quarter-on-quarter.

Sanhua Intelligent Control (002050): The performance is in line with expectations. The expected gross profit margin is expected to improve quarter-on-quarter.

The core view performance is in line with expectations.

The company achieved operating income of 27 in the first quarter of 2019.

81 ppm, a ten-year increase of 7.

9%, the growth rate increased by 0 compared with the fourth quarter of 2018.

In four aspects, sales improved; net profit attributable to mothers was achieved2.

59 ppm, a ten-year increase4.

2%; net profit of non-attributed mothers 2.

10 ppm, a ten-year average of 12.

1%, EPS is 0.

12 yuan; the growth rate of net profit is lower than the growth rate of revenue mainly due to the decrease in gross profit margin.

Gross margin decreased slightly and net cash flow from operating activities improved significantly.

Gross profit margin was 25 in the first quarter.

2%, a decrease of 2 per year.

The average of the three, through the improvement in air-conditioning sales and car demand, is expected to improve quarter-on-quarter gross margin.

Period expenses cost 15.

3%, a reduction of 0 per year.

Three totals, of which the management expense ratio (including research and development expenses) is 9.

6%, an increase of 1 per year.

3 units, mainly due to the new establishment in the second and third quarters of 2018, the acquisition of the company increased management costs and the increase in staff budget for the current period; financial expenses 1.

8%, a decrease of 1 per year.

Three of them are mainly due to the decrease in exchange losses.

R & D expenses for the first quarter were 1.

110,000 yuan, an increase of 16 in ten years.

3%, R & D investment continued to grow.

Net cash flow from operating activities was 2.

82 trillion, -0 in the same period last year.

$ 7.3 billion, a significant improvement for the time being, mainly due to increased sales.

The inventory at the end of the first quarter was 18.

8.3 billion, down one year ago at the end of the first quarter.


The company’s new energy thermal management business is expected to continue to grow rapidly.

The company’s new energy thermal management products have higher product competitiveness in the market, and have evolved from components to components and modularization. The maximum value of a single bicycle is close to 5,000 yuan.

The company has received orders from Farley, Mahler, Volkswagen, Mercedes-Benz, BMW, Volvo, Tesla, Geely, etc., and the volume of new energy vehicles in major car companies has increased. 3 capacity 重庆耍耍网 expansion, the company’s new energy vehicle thermal management business is expected to maintain a rapid growth trend in 2019.

Refrigeration, air-conditioning and electrical components business grew steadily.

The sales volume of the company’s downstream air-conditioning products has gradually stabilized. It is expected that in the second half of the year, it will rebound on the low base last year, and the refrigeration and air-conditioning business is expected to grow steadily.

Financial forecast and investment advice forecast EPS0 for 2019-2021.

72, 0.

83, 0.93 yuan. The comparable company is an automotive thermal management component and home appliance related company. The 19 year average PE valuation of the comparable company is 25 times, and the target price is 18 yuan.

Risk reminder: new energy vehicle thermal management package, home appliance cooling package volume is lower than expected, micro-channel and Yaweike business are lower than expected, affecting earnings growth; the original growth exceeds expectations and the risk of exchange rate changes.

Xingyu shares (601799): 3Q19 resumes strong growth; profitability continues to improve

Xingyu shares (601799): 3Q19 resumes strong growth; profitability continues to improve

The 3Q19 results were in line with our expectations. The company’s 3Q19 results: 1-3Q revenue 41.

100 million, ten years +10.

2%; net profit attributable to mother 5.

30,000 yuan, corresponding to a profit of 1.

92 yuan, +20 for ten years.

9%, of which 14 in the third quarter of 19 realized revenue.

0 ppm, an increase of 9 in ten years.

7%; net profit attributable to mother 1.

9% 10%, an annual growth of 38%; revenue basically in line with expectations, due to lower expense ratios, profits exceeded expectations.

Development Trend 3Q revenues have resumed double-digit growth, and gross profit margins have continued to improve.

The company’s gross profit margin in the third quarter of 19 reached 24.

2%, the same ring ratio increased by 3.

4ppt / 0.


In terms of expenses, due to the abundance of new projects, the company’s R & D expense ratio increased by 0 in the third quarter of 19th.

4ppt; sales and management expense rates are -0 each year.

1 / -0.


In the third quarter of 19, the company’s net profit attributable to its mother was 1.

9 trillion, ten years + 38%.

The company’s operating cash flow reached a new high in the third quarter of 19, reaching 4.


Receivables and payable items increased by 2 respectively.

100 million and 1.

800 million; reflects the company’s expected ability to occupy funds.

Inventory increased by 1.

800 million, is expected to stock in the fourth quarter; 3Q19 capital expenditures reached 武汉夜网论坛 1.

700 million, shrinking slightly in one year.

FAW-Volkswagen crops are picking up, and new projects contribute incrementally.

In the third quarter of 19, the output of downstream passenger cars picked up, only -7 percent per year.

Among them, in terms of the company’s top five customers, FAW-Volkswagen’s output is only repeated for another 3.

3% (compared to 19Q2-18).

1%), of which the production of the new Bora and Tan Yue increased significantly, and the supporting value of Xingyu on both models is very large; the amount; SAIC Volkswagen, GAC Toyota and Chery Automobile 3Q19 output also significantly recovered.

In terms of new projects, batch production of new projects this year, Sagitar, Audi A6 and Xuanyi 3Q began to force at the same time, thus entering a state of rising volume and price.

We 北京夜生活网 expect that through the increase in the proportion of LED headlights, profitability is expected to improve further.

Leading advantages have gradually formed, and overseas factories have been built to improve their ability to take orders.

We estimate that Xingyu’s market share in the domestic auto lamp market will exceed 10% in 2019, and the leading auto lamp leader will gradually transform.

Looking forward, in the domestic market, the company will further explore the penetration of ABB and Japanese; in the global market, the conversion company builds factories in Serbia, and we expect to start to obtain global orders starting next year.According to our calculations, Serbia’s project return rate is 25%, and the completion of the project will further enhance the company’s asset profitability.

Earnings forecasts and estimates We maintain net profit for 2019/2020 at 7, respectively.

6 billion and 9.

9.6 billion.

The current contradiction corresponds to 28 of 2019/20.

2 times and 21.

5 times price-earnings ratio.

Maintain Outperform rating and maintain a target price of 90 yuan, corresponding to 33 and 25 times price-earnings ratio for 2019/20, which has 16% more upside than currently allowed.

Increased risk orders fell short of expectations; sales volume of major customers fell short of expectations.