Assange trial begins in UK

Assange trial begins in UK
Xinhua News Agency, London, February 24th (Reporter Gui Tao) A local court in London, England, held a trial on July 24 to approve the US government’s extradition of the founder of “WikiLeaks” website Julian Assange.  U.S. lawyers who filed a request to extradite Assange have charged Assange with more than ten counts.Assange’s lawyers believe that once Assange is convicted, he will face a maximum sentence of 175 years.  According to local media reports, Assange arrived in court that day.Hearings and debates are expected to last approximately one week and will begin again in May.It is unknown when the court will reach a final decision.  In May last year, Assange attended a antique hearing in another London court for physical reasons.  Assange created the “Wiki Secret” website in 2006.In 2010, the website published secret documents against the U.S. government about the Afghan and Iraq wars, which caused a huge blow to the US diplomatic image, causing a sensation and controversy.  In November 2010, Swedish prosecutors charged Assange with rape during his stay in Sweden in August of that year.Assange, who was in the UK, denied all charges after being acknowledged by British police.The British Supreme Court ruled that he would be extradited to Sweden.In June 2012, Assange entered the Ecuadorian embassy in the UK during bail to seek asylum.In April 2019, after Ecuador announced that it had regained more Assange asylum, British police announced that Assange was arrested at the Ecuadorian embassy in the United Kingdom.In May of that year, Assange was sentenced to 50 weeks in the United Kingdom for violating bail regulations and entering the Ecuadorian embassy in the UK for 合肥夜网 asylum.The United States is currently seeking extradition of Assange.

Kelun Pharmaceutical (002422): The price of antibiotic intermediates has declined, affecting Q3 performance

Kelun Pharmaceutical (002422): The price of antibiotic intermediates has declined, affecting Q3 performance
[Event]Kelun Pharmaceutical announced the first three quarters of 2019 performance forecast, reporting that the combined company realized a net profit attributable to shareholders of the listed company of 8.700,000-9.72 ppm, compared with 10 for the same period last year.23 ppm, with a 10-year average of 15% -5%.In the third quarter, the company realized a net profit attributable to shareholders of the listed company of 1.42 ppm-2.44 ppm, with a ten-year average of 43.21% -2.17%.  [Comment]The antibiotic intermediate sector was under short-term pressure and Q3 performance continued to extend.The net profit attributable to shareholders of listed companies in the third quarter of 2019 alone is another 43 quarterly.21% -2.17%, mainly due to the improved profit contribution of the Sichuan-Nanjing project, because it is due to the deduction of the tax-free preferential policy of the Sichuan-Nanjing project in 2018, and the taxation will begin this year (15% tax rate).Resumption. In order to maintain the stability of the sulfur red industry, the company proactively lowered the sulfur red ex-factory price to bring down the sulfur red market price, which caused the small factories to invert costs and prevent it from restarting. At the same time, the 6-APA price also improved and fell.The antibiotic intermediate segment is under short-term pressure, and future cost declines may become a factor driving the profit growth of the Sichuan-Nanning project.In terms of other sectors, the market development of infusion and non-infusion preparations has been strengthened, the product structure has continued to be optimized, and revenue and gross profit have continued to grow; the market for new products has continued to occupy, sales have gradually expanded, and sales revenue and gross profit have achieved significant growth.  The product echelon is rich, and the combination of imitating innovation and supporting long-term development is worth looking forward to.In the early stage, the company’s R & D of generic drugs entered the cashing-in period. It is expected that 115 varieties will be listed in the next three years, and the company’s product line will be rapidly enriched.Since this year, the development of innovative drugs has progressed smoothly. KL060332 capsules for hepatitis B virus nucleocapsid assembly regulators have been approved for clinical use, KL-A293 injections for innovative tumor immune drugs have been approved for clinical use, and SKB264 for ADC drugs for injection of stacked tumor cells with high antigen expression has been declared by the FDAClinically approved.The research and development of generic drugs and innovative drugs are progressing simultaneously, and the company’s long-term development is worth looking forward to.  We believe that the company’s large infusion segment can contribute to stable cash flow. Although the antibiotic intermediate segment is under pressure in the short term, the company has a cost advantage and environmental protection advantage, but still has a 佛山桑拿网 competitive advantage.It is expected that the company’s operating income for 2019/2020/2021 will be 187.80/213.23/239.9.5 billion yuan, the net profit attributable to mothers was 12 respectively.70/14.92/18.5.7 billion yuan, with a budget benefit of zero.88/1.04/1.29 yuan, the corresponding price-earnings ratio is 29/25/20 times.Maintain “Buy” rating and target price of 31.6 yuan.  [Risk Warning]Drug sales are not as expected; drug development progress is not as expected

Riot deaths caused by amendments to India’s Citizenship Act rise to 35

Riot deaths caused by amendments to India’s Citizenship Act rise to 35
Xinhua 成都桑拿网 News Agency, New Delhi, February 27th (Reporter Jiang Lei) According to media reports such as India Today, supporters and opponents of amendments to the Indian Citizenship Law have continued in the capital region since the 24th.At present, the death toll has increased to 35, including a police officer and an intelligence officer; more than 200 people were injured, of which more than 70 were gunshot wounds.The report quoted the Delhi fire department as saying that from early morning to the morning of the 27th, the fire department called 19 fire alarm phones in the riot zone, and more than 100 firefighters were sent to the scene.The Indian government has deployed more than 6,000 police and paramilitary personnel to maintain law and order in the riot zone.It is reported that India ‘s main opposition party, the Congress Party, asked 四川耍耍网 India ‘s Interior Minister Amit Shah to resign, accusing him of creating the violence and criticizing the central government and the Delhi government as “silent bystanders”.On the 26th, Indian Prime Minister Modi maintained peace and friendship with high-level Delhi citizens on social media and restored order as soon as possible.Amendments to the Citizenship Law were passed in the lower and upper houses of the Indian Parliament in December 2019, and then signed into law by the President.According to the amendment, the Indian government granted citizenship to illegal immigrants from Pakistan, Bangladesh, and Afghanistan who entered India by “religious persecution” before December 31, 2014, including Hinduism, Sikhism, Buddhism, Jainism, and Worship,Catholics are eligible to apply for Indian citizenship, but only Muslims are excluded.The amendment, once passed, sparked strong protests and riots.

Aikedi (600933) company depth: Lean manufacturing + excellent management cast aluminum precision small faucet

Aikedi (600933) company depth: Lean manufacturing + excellent management cast aluminum precision small faucet

The company is a leader in automotive aluminum die-casting precision parts, with excellent management capabilities + lean manufacturing to build a competitive advantage.

  The company started with non-standard custom small pieces with high added value, and its global market share of superior wiper products reached 30%.

High-quality and highly concentrated customer structure (bound to Valeo, Bosch and other global first-tier supplier giants, the top five customers account for more than 60% of the revenue), so that the gross profit margin is maintained at a high level of more than 30% for a long time.

The company’s core strengths are twofold. First, it has excellent management, and the five-time fair incentive plan has effectively consolidated employee enthusiasm and a stable staff structure. Second, it has manufacturing advantages and resists downward pressure on the industry through lean production.

Entering the lightweight track, benefiting from the right trend of the aluminum die casting industry.

The trend of lightweighting is in line with the requirements of traditional cars to reduce fuel consumption, and electric vehicles have been extended.

In 2025 in the United States, the market space for automotive aluminum alloys in Europe and the United States is expected to reach 299.6 billion and 346 billion, with an average annual growth rate of 5.

6%, 9.


Based on the calculation that the company still maintains the current business structure, the annual average compound growth rate brought 四川耍耍网 about by the growth of the aluminum parts market is about 7.


At present, the aluminum die-casting industry is a Red Sea market that accommodates more than a thousand companies, and benchmarks mature overseas companies. The scale of revenue is basically 10 billion. Some companies represented by the company continue to grow.

The short-term profit end will improve, and the long-term new energy vehicle products will open up new growth space.

The short-term profit level is expected to be restored, and the company uses multiple aggressive depreciation periods (house and building insertion industry 3?
15 years, machinery and equipment replacement industry 2?
(7 years). After the depreciation and amortization, which has a strong correlation with the gross profit margin, peaked in 2H2018 (an increase of 56% per year), the growth rate of 1H2019 dropped to at least 44%, and the gross profit margin is expected to rebound and stabilize.

In the long run, the accelerated deployment of new energy business is expected. The plant is expected to be completed and put into production in June 2020.

At present, it has received orders from customers such as Bosch, Continental, United Electronics, Magna, etc. The products cover aluminum alloy battery packs, electrical controls and motor casings.

  Investment suggestion: The company deeply cultivates small aluminum die-casting parts for vehicles, excellent management ability + competitive advantage in the development of lean manufacturing, and the short-term profit level is expected to pick up and stabilize as the pressure on depreciation vendors decreases. Long-term new energy products open up new growth space.

It is expected that the net profit attributable to mothers will be 4 in 2019-2021.

63, 5.

25, 6.

160,000 yuan, corresponding to 2019-2021 EPS is 0.



72 yuan with a target price of 17.

75 yuan, corresponding to 29 times PE in 2020, the first coverage, “Buy” rating.

  Risk prompts that car sales growth slows down risks; the growth of new energy vehicle production and sales does not meet expectations; the impact of the trade war; exchange rate risks; changes in raw material prices; pressure from OEMs to lower prices than expected, fierce competition in the industry;pressure.

Nanwei Medical (688029): High degree of technological prosperity in the industry to create a domestic minimally invasive diagnosis and treatment leader

Nanwei Medical (688029): High degree of technological prosperity in the industry to create a domestic minimally invasive diagnosis and treatment leader

Nanwei Medical: a leading domestic endoscopic diagnostic and treatment consumable with rapid growth.

After long-term technological innovation and new product development, the company has established a comprehensive product line around the major invasive and minimally invasive techniques of digestive and respiratory medicine, including: biopsy, hemostasis and closure, EMR / ESD, extended, ERCP, EUS / EBUS class and so on.

The performance achieved rapid growth, with operating income in 20189.

US $ 2.2 billion, a year-on-year increase of 44%, and has 杭州桑拿网 maintained a 10-year growth rate of more than 40% for the third consecutive year; net income attributable to mothers has achieved 1.

92 ‰, an increase of 90% in ten years; net profit after deducting non-attribution to mothers1.

750,000 yuan, a year-on-year growth of 73%.

The “early diagnosis and early treatment” trend of cancer and the growth of the number of domestic mirror diagnosis and treatment in the future will open up the growth space of the minimally invasive diagnosis and treatment industry.

Minimally invasive treatment has the characteristics of less trauma, quicker prognosis recovery, less tumor residue and recurrence rate, etc., effectively avoiding the additional damage caused to patients by traditional surgery.

The high incidence of cancer in the domestic gastroenterology department and the low five-year survival rate of patients are mainly related to the low rate of advancement of microscopic diagnosis and treatment in our country.

In contrast, in Japanese early gastric cancer, the esophageal cancer survival rate reaches 90% within 5 years, and the recurrence rate within 3 years can be controlled below 5%, all benefiting from the endoscopic diagnosis and treatment in the population.

At the same time, the regional differences in the configuration of domestic mirror facilities and doctors are linked, and the overall configuration level is still decreasing.

The expansion and improvement of endoscopy by national policies, the continuous advancement of graded diagnosis and treatment, and the increase in the implementation rate of endoscopy will help release a huge incremental market.

The company’s competitive advantage: comprehensive product line, technology and channels at the same time.

The company’s product line has significant step-by-step properties. Hemostatic closure products and EMR / ESD products such as fast volume drive performance, and inventory products such as biopsy and expansion maintain stable growth.

In various subdivisions, the company has mastered world-class core technologies, with the exception of the second prize of the National Science and Technology Progress Award and the second prize of Shanghai Science and Technology Progress Award.

In terms of channels, the company has established marketing networks in more than 70 countries, such as Europe, the United States, and Japan. The company’s products cover more than 2,900 domestic hospitals, of which the coverage rate of the top three hospitals has reached more than 55%, which has further improved the marketing network.The company’s business scale continued to grow.

Investment advice: We expect the company’s revenue growth from 2019 to 2021 to be 37.

1%, 31.

0%, 25.

1%, net profit growth was 45.

2%, 31.

2%, 23.

6%, the corresponding EPS is 2 respectively.


75 and 3.

4 yuan.

Using the relative estimation method, comparable companies have Lepu Medical and Kelly, corresponding to 19 and 26 times PE in 19 years.

Considering the prosperity of the company’s industry and the development potential of the company’s technological advancement, we give 23-28 times the PE range in 2019, corresponding to a city size of 64.


30,000 yuan, corresponding to a reasonable range of 48 months is 48.


74 yuan / share.

Risk reminder: New product development is less than expected; uncertainty of Sino-US trade friction affects the company’s overseas performance potential; price reduction caused by the trend of centralized procurement of medical consumables and equipment; intensified cross-domain market competition; patent litigation event risk; new product promotionexpected.

Daoda’s investment notes: Turnover has continuously exceeded 1 trillion GEM has become a bear market

Daoda’s investment notes: Turnover has continuously exceeded 1 trillion GEM has become a bear market
Source: Daily economic news refinancing “unbundling” heavy news injected a “heart-strengthening agent” into the A-share market.20%, regained the 3,000-point integer mark, and the GEM index rose by 7.61%, breaking the 2200-point integer mark, a new high since August 2016.  What makes people realize is that the turnover of the A-share market exceeded one trillion yuan for three consecutive trading days last week, and the Shanghai stock index has risen for three consecutive weeks.The market in February is about to end. Is the market expected to continue writing strong this week?  Dr. Bull: Hello, Brother, I feel that the recent market is really exciting. Is the bull market coming?  Daoda: Is it a bull market? I think it’s still different.The Shanghai stock market index of the main board market has just returned to 3000 points, and it is not clear whether it will enter a bull market.There are heavy favorable policies to support the ChiNext.At present, the K-line of the GEM index is “Sanlianyang”, and the cumulative increase in February is as high as 15.51%.If we count from the low point at the beginning of the month, the gradual increase is close to 25%.From the beginning of 2019, the GEM has completely overlapped the bear market.The bull market also needs to be tested by time.Recalling that in 2015, the GEM index had a large increase for five consecutive months, with a monthly increase of at least 14% and a maximum of 23%. It was then a real super bull market.  Dr. Niu: Last week, the Shanghai and Shenzhen stock markets exceeded 3 trillion yuan in transactions for three consecutive trading days. Where do you think the incremental funds came from?Will this huge deal continue?  Daoda: Incremental funding mainly comes from three aspects.First, northbound funding is an important source.Statistics show that since February, the accumulated net inflow of northbound funds has reached 40.9 billion yuan.This is just a net inflow situation, and the daily turnover of northbound funds is 80 billion?The level of 90 billion US dollars, compared with the ranking in January, roughly increased by 50%?60%; Second, the scale of the new fund has brought ample buying to the market.In February, explosive funds appeared frequently, 无锡桑拿网 especially the issue of technology-based ETF funds, which not only brought incremental funds to the market, but also made the market theme of technology stocks more obvious. Third, although retailThe new protagonist of the market is whether it is the recovery of the stock or the increase brought by the new shareholders, and February data is needed to support it.The data released recently for January was 800,000 new shareholders, which is actually not that much.  Dr. Niu: Last weekend, Berkshire, Buffett’s subsidiary, announced the 2019 annual report, which is also the focus of market attention.However, Buffett lost to the index last year. What do you think about this?  Dauda: Buffett’s news reminds me of the topic of last week’s article-“underperform.”Berkshire’s lowest book value rose 11% last year, but the S & P 500 rose 31%南宁桑拿 last year.5%, the initial Buffett underperformed by 20.5 averages.As a result, some people began to wonder if Buffett was outdated and should he retire?  Although he underperformed the index last year, in fact it is normal to underperform when the index rises.Just like last Monday, the index rose sharply, and many people underperformed the index.  In fact, in the long run, it does not matter whether certain days or even certain years can outperform the market.What’s really rare is maintaining full annual profit.  Dago took a look at Berkshire’s performance over the past 10 years. Berkshire has been profitable every year since 2009. Even though the global stock market has almost declined in 2018, it still has not lost money.In 2018, the S & P 500 index fell by 4.4%, while Berkshire’s net worth rose by 0.4%.  Is Buffett’s investment style too conservative and outdated?I think this is questionable.Many years ago, Buffett was not optimistic about technology stocks and Internet stocks. He preferred traditional industries, certain finance, transportation, commercial retail, and food and beverages.In 2013, Buffett also said that he would not buy Apple shares.However, starting from the first quarter of 2016, Buffett began to increase his holdings of Apple’s stock continuously. Until now, Apple has become Berkshire’s largest heavy stock, and has become a major source of profit for Berkshire.  Dr. Niu: It is really not important to underperform the market. What is important is to maintain long-term profitability.So, this week, the February market is about to end. Do you think certain factors may have an important impact on the market?  Dauda: First of all, I think the market may remain strong.The trading volume will not drop at 1:30. It is a new base or a new investor. It should continue to grow in the near future. The market’s profit-making effect continues to appear, and the market will not cool down. Secondly, the long-term statement is very important.Preliminary Deputy Governor Chen Yulu said that the new crown pneumonia epidemic has brought some distortions to the current Chinese economy, but the overall impact is short-term and limited.In addition, on February 19, Liu Guoqiang, the deputy governor, said gradually that the benchmark interest rate on deposits would be adjusted in due course.In my opinion, this can also strengthen the easing expectation, which is good for stock market observation.  Overall, I think it is still worth optimistic about the market this week.It should be noted that the recent epidemic of new coronary pneumonia overseas seems to be getting more and more serious. South Korea, Japan and Europe have seen an increase in confirmed cases. I think we need to pay attention to the impact of this factor on global stock markets.  For the stockholders, I think the most important thing is to seize the opportunity and make money.  CSI 300 Index Positions Reference Warehouse Positions: 60% Today’s Position Plan: 60% (Zhang Daoda)

Hongqi Chain (002697): Integration is completed to accelerate the development of the main business of the exhibition and the investment of two-wheel drive

Hongqi Chain (002697): Integration is completed to accelerate the development of the main business of the exhibition and the investment of two-wheel drive
The integration period has expired, and the exhibition store has accelerated.Company revenue for 2019 is 78.2.3 billion (+8.35%), of which Q4 earns 20.5.8 billion (+10.01%).Net profit in 20195.1.6 billion (+59.9%), of which Q4 net profit is 1.100 million (+64.18%).The company has successfully passed the merger period after large-scale acquisition of stores in 2015 and 16 years, and will accelerate the exhibition in 2019; by the end of 2019, there will be approximately 3,070 stores in the company. The high growth in main business results was mainly due to improved profitability and improved expenses.We expect the company’s main store sales business to achieve a net profit of approximately 3 in 2019.34 ppm, an increase of 25 in ten years.5%, of which the main business performance in the fourth 上海夜网论坛 quarter of 2019 increased by 22.29%.The reasons why the growth rate of the company’s main business is significantly focused on revenue growth are: 1) the company continues to innovate in science and technology, make full use of big data selection to optimize its product structure, and at the same time continue to build a supply chain to increase the proportion of direct mining, and the gross profit rate is continuously increasing2019年 年毛利率平均提升近1pp。2) The company ‘s personnel costs caused by store integration in the early stage have increased significantly in stages, and it has now returned to normal. During 2019, the expenses may be significantly reduced; at the same time, the scale of the store ‘s freshness renovation in cooperation with Yonghui in 2019 was about 300.The improvement of passenger flow has greatly improved the 深圳SPA会所 turnover of stores, and Pingxiao’s entry into the upward channel has helped to promote the company’s continuous decline in the expense ratio. Xinnet Bank continued to contribute performance.We expect Xinnet Bank to contribute approximately 1 to the company in 2019.The investment income of 820,000 yuan, a substantial increase of about 220% over 2018. Since the beginning of the year, it has been growing rapidly, and in the long run, there is a lot of room for expansion.The company’s overall natural consumption attributes and online shock resistance attributes are expected to grow rapidly around the Spring Festival in 2020.The company has less than 3,000 stores, but there are still more than 1,000 stores in the urban area of Chengdu + suburban counties + cities under its jurisdiction, which can support the progress of opening stores in the next three years and expand the space without worry.At the same time, the company strengthened its supply chain and store operation management, and gross margin and efficiency were still improving. Increased earnings forecast: Expected revenue 78-2019-2021.24/85.99/93.3.4 billion, net profit attributable to mother is 5.16/6.35/7.580,000 yuan, the realized EPS is 0.38/0.47/0.56 yuan, the closing price on February 26, 2020 corresponding to PE were 21.3/17.3/14.5 times, maintain the rating of “prudent increase”.Risk warning: Store integration is less than expected, cooperation with Yonghui is less than expected, and the macroeconomic downturn exceeds expectations

Zhejiang Meida (002677): Category optimization Q4 performance grows rapidly

Zhejiang Meida (002677): Category optimization Q4 performance grows rapidly

Event: Zhejiang Meida announced the results report for 2019.

The company achieved revenue in 201916.

90,000 yuan, a year-on-year increase of 20.

6%; achieved performance 4.

600 million, +22.


Converted to a single quarter of 2019Q4 to achieve revenue 5.

500 million, a year-on-year increase of +17.

1%; achieve performance 1.

600 million, a year-on-year increase of +20.


We believe that the Q4 integrated stove industry has maintained rapid growth, coupled with Midea actively promoting high-end products, the company’s performance has maintained a good growth trend.

Industry expansion + optimization of product structure, Q4 performance maintained rapid growth: We analyzed that Midea’s 2019 Q4 performance achieved 20 +% growth, thus: 1) The rapid expansion of the integrated stove industry.

According to Industry Online, 2019Q4 integrated stove industry sales increased by +17 year-on-year.

8%, permeability coefficient 13.

0%, one year + 2pct, Meida is the industry leader and enjoys industry dividends.

2) Proportion of sales of high-end products, the proportion of system purchases increased, and profitability increased.

Q4 single quarter, the US net profit margin was 28.

7%, +0 per year.

9 points.

Looking forward to the next few quarters, we judge that the market acceptance of integrated stoves will continue to increase, and this category will become one of the main forms of kitchen appliances.

At present, the penetration rate of integrated stoves in the country is only about 1%, and the popularity of integrated stoves in Haining and Luzhou has reached 11%.

Even if the penetration rate of integrated stoves in these two 武汉夜生活网 regions still has room for improvement in the future.

The resumption of work was smooth, and the factory and channel operations gradually resumed. On February 13, the company’s first batch of staff resumed work, with a return rate of about 30%.

From February 20th to early March, will U.S. University conduct the second?
Three batches of workers resumed work and production gradually resumed.

It is worth mentioning that during the epidemic, the company actively subsidized offline dealers.

According to the announcement, the company has formulated a number of support policies for dealers, with estimated support costs of about 20 million.

We believe that this policy can effectively alleviate the pressure on channel operations and increase their sales motivation.

Investment suggestion: In the long run, as the pioneer and leader of the domestic integrated stove industry, Meida will benefit from the increasing trend of the expansion rate of integrated stoves. Its own brand and channel construction will also help the company to consolidate its existing advantages.Rapid growth.

What are we expecting in the US 2019?
In 2020, the EPS will be 0.


86 yuan, maintain Buy-A investment rating, 6-month target price is 15.

48 yuan, corresponding to a dynamic P / E ratio of 18 times in 2020.

Risk warning: the prosperity of the third- and fourth-tier real estate declines, the industry’s competitive landscape deteriorates, and raw material prices rise

Depth-Company-Yutong Bus (600066): The performance was slightly better than expected

Depth * Company * Yutong Bus (600066): The performance slightly exceeded expectations and gross profit margin improved significantly

The company released its 2019 Interim Report and achieved a total of 125 operating income in the first half of the year.

1 ppm, an increase of 4 in ten years.

1%, net profit attributable to shareholders of the listed company is 6.

800 million, an increase of 10 in ten years.

8%; net profit after deduction 5

20,000 yuan, an increase of 0 in ten years.

7%; budget benefit 0.

31 yuan, the performance is slightly higher than our expectations.

In 2019H1, the company has control over terminal prices to ensure profitability, sales volume, revenue and net profit have increased against the trend, and gross profit margin has improved significantly, highlighting the company’s excellent management capabilities, leading the company to gradually stabilize, and the market share to promote continuous improvement.

The company’s estimated earnings for 2019-2021 are 1.

15 yuan, 1.

32 yuan and 1.

53 yuan, maintain BUY rating.

The main points of the support level are price control and profit protection, and the gross margin and performance have improved significantly.

2019H1 company bus sales of 25,429 units, an increase of 2 every year.

6%, of which 8,834 new energy buses, an annual increase of 0.


The increase in sales volume and the company’s improved control over the price side, 2019H1 revenue increased by +4.

1%, gross profit margin 22.

9%, ten years +1.

5pct; ten years of selling expenses +1.

8% is mainly due to an increase in the financing period and an increase in the mortgage service fee; the management fee is extended by +7.

8% is mainly due to an increase in management labor costs; each additional R & D cost is +27.

6% is mainly due to the company’s concentration in the first half of the low production period to complete new product tests and increase in research and development projects; financial costs +1 each time.

3 billion, mainly due to the impact of foreign currency assessment in the same period last year on exchange gains and losses; the four expense ratios totaled 17.

9%, ten years +2.


2019H1 The company recognizes non-recurring gains and losses1.

600 million (0 government subsidies.

900 million, impairment receivables of funds reversal to 0.

600 million, etc.), net income attributable to mother increased by +10.

8%, a slight increase of 0 after ten years.


Receivables make up 95.

900 million, a decrease of 0 from the end of 2018.

4 billion.

Passenger car sales in Q2 2019 increased slightly by zero.

2%, it is expected to benefit mainly from the company’s price control and profit, with an annual income of +4.2%, gross profit margin 22.

1%, ten years +1.

5 points.

Sales, management, R & D, and financial expenses for the second quarter of 2019 were -0.

9%, +7.

1%, +4.

8%, +116.

7%, the four expense ratios total 16.

4%, ten years +1.


In Q2 2019, the revenue and gross profit margin increased rapidly, and the company’s profits achieved rapid growth.

The market share increased domestically, but declined overseas, with subsequent improvements.

According to the data of China Passenger Network, the market share of large and medium-sized bus companies with a height of 7 meters or more in the first half of 2019 was 39.

2%, ten years +3.

5pct is mainly because the company has grasped the key indicators of the new energy supplementary policy transition, and in the transitional transition with the customer to facilitate the delivery of 无锡夜网 orders, while seizing the opportunity for the growth of tourist buses, and achieved a double increase in sales and share.

The market share of export passenger cars is 26.

4%, twice -2.

7pct is mainly due to the company’s strategic abandonment of some low-profit orders. It is expected that overseas high-end products will be gradually listed at the end of the year, and the gross profit margin and market share will be promoted.

The company’s market share of new energy buses over 6 meters is 29.

6%, +0 per year.

9 points.

The performance of new energy bus technologies and funds has gradually improved, and the company’s new energy market share has been promoted.

Continue to develop R & D and excellent comprehensive management capabilities.

The company’s outstanding leading technology level, keen market grasp, and excellent management capabilities, the company reversed the trend in the first half to achieve passenger car sales and gross margin improvement.

The company’s high-end, intelligent network-connected products have been launched successively, new energy transportation products have been completely upgraded, and fuel cell transportation has been promoted and applied in batches in Zhengzhou and Zhangjiakou.The superiority of many aspects is obvious.

The company’s leader is stable and its market share is expected to continue to increase.

We estimate that the company’s estimated earnings for 2019-2021 will be 1.

15 yuan, 1.

32 yuan and 1.

53 yuan, taking into account the current assessment level of the company, maintain a BUY rating.

The main risks faced by the rating are 1) the decline in automobile sales; 2) the rise in prices of raw materials; 3) the decline in the value added of new energy.

Sunshine City (000671): Continue to write to grow light and enter the battle

Sunshine City (000671): Continue to write to grow light and enter the battle
The event company released a quick performance report and realized a total operating income of 614 in 2019.91 ppm, a ten-year increase of 8.89%; net profit attributable to mother 40.22 ppm, an increase of 33 in ten years.27%. The brief evaluation results are in line with expectations, and continue to write high-quality growth.The reasons for the company’s profitable period of rapid growth and higher growth than revenue are: 1. The quality of earnings has been improved and advanced, and the overall gross profit margin carried forward in the third quarter has increased compared to the same period last year.9% to 28.4%, the comprehensive net interest rate increased by 1.6% to 7.9%, adjust the company to take the “quality guidance, profit guidance” as the core of the business promotion principles in the second half of the year and carry forward the quality improvement;882.1.2 billion, an increase of 42% over the beginning of the year, which is a good basis for carrying forward long-term performance.Considering that the company currently has sufficient reserves and a saleable value exceeding 540 billion yuan, we are 北京夜网 optimistic that the company will continue to write high-quality growth in 2020. Take the ground actively and lower the leverage into battle.In 2019, the company’s land investment achieved efficient expansion under the requirements of ensuring cash flow security and controllable denial rate, and gradually increased 65 projects with a total construction area of 1230.0 million square meters, an increase of 58 every year.0%, corresponding to the total price of 526.600 million, accounting for 25% of sales in the year, an increase of 4% over the previous year.Internal companies continued to strengthen the level of cash flow management and control at the end of the period, achieving 416 monetary funds.USD 600 million, an increase of 10% over the end of the previous year. At the same time, the company’s debt structure continued to optimize, and the short-term debt scale was 320.3 trillion, 33 lower earlier.6%, net debt ratio of 138.28%, an earlier decrease of 43.94%.In September 2019, Fitch, one of the three major international rating agencies, upgraded the company’s shareholder rating from B to B +, with a stable outlook.We believe that this rating upgrade benefits from the company’s continuous improvement in financial security since 2018, reflecting the company’s progressive development. Maintain BUY rating.Fine-tune company EPS to 1 for 2019-2021.00/1.33/1.74 yuan (previous forecast was 1.01/1.36/1.81 yuan), the current sustainable corresponding company PE is estimated to be 7 in 2019/2020.8x / 5.9x.