Cibin Group (601636) Company Review: High-end product layout continues to advance glass price hub to promote improvement

Entered into medicinal glass, the large potential company of neutral borosilicate glass market plans to invest in a neutral borosilicate medical glass project. The project is planned to be constructed in phases. The scale of construction is a 3 kiln and 8 line 100 ton / day neutral borosilicate medicinal glass tube.And deep processing of products, the total investment of the project is about 600 million yuan.

This medicine glass project adopts a follow-up investment mechanism. In addition to the investment by Qibin Group Company, a follow-up investment platform jointly established by key management personnel such as the company’s business partners also participates in it, demonstrating the confidence of the company’s executives.

In recent years, the size of the insulin glass market has increased to about 22 billion, maintaining a steady growth, the continuous improvement of the conversion evaluation mechanism, and the use of neutral borosilicate glass has increased.

The main suppliers of neutral borosilicate glass are mostly foreign companies such as SCHOTT, electrical glass, and Corning, and the domestic market share of domestic companies has decreased.

As a domestic leader in floatation, Qibin maintains a stable investment in research and development each year, forming a certain technical reserve. Executives investing in this project are also based on trust in their own technical strength.

With the gradual improvement of domestic enterprises’ technology, it is expected to start to produce domestic alternatives to neutral borosilicate glass.

  The production capacity of energy-saving glass continues to increase. The executive-value-added electronic glass company plans to invest in a new energy-saving glass factory in Changxing County, Huzhou City, Zhejiang Province. The total investment of the project is expected to be about 600 million yuan.

Combined with local float glass production capacity, it is expected to extend further downstream.

In addition, executives set up an investment platform to increase capital in Fuling Electronic Glass. It is expected that electronic glass will be commercialized after 2020, which is an important step for the company to achieve high-end products.

This capital increase is also carried out by the establishment of an investment platform by senior executives. It continues to implement the requirements of the company plan to promote the company’s “manager” to “partner” status. The long-term value of the company and core executives also reflects the highTube confidence in electronic glass.

  The supply and demand are rising. In 2020, the glass price center will continue to rise and the completion of the engineering data will continue to rise. The new construction-completed scissors gap will be gradually repaired. It is expected that it will continue to be rebuilt in 2020. The demand for automobiles has also bottomed out and has been achieved in November 19.

Positive growth of 7%, so bullish on overall glass demand recovery.

According to the forecast of China Glass Futures Network, there will be about 14-15 glass production lines with cold repair conditions next year. In terms of resumption, a large number of production lines have been resumed in 18-19, and there are not many remaining production lines under cold repair.There are about 9-10 production lines that have resumed production conditions. Considering some new production lines, it is expected that the net increase of production lines in 2020 will be negative every year.

Therefore, in view of supply and demand, the overall glass price hub will increase next year, and as the industry leader, Qibin has obvious advantages in production capacity, so its performance flexibility is also the largest.

In terms of cost, soda ash continued to fall, so the company increased the self-sufficiency rate of quartz sand ore, and continued to 天津夜网 widen the profit gap with small businesses.

  Investment suggestion: raise earnings forecast, net profit attributable to mother from 19-21 to 12.

46, 13.

77, 14.

97 ppm increased to 13.

38, 16.

34, 18.

46 trillion, EPS is 0.

50, 0.

61, 0.

69 yuan, corresponding PE is 11X, 9X, 8X times, maintaining the “buy” level.

  Risk warning: a large number of production lines resume production; real estate completion demand is further reduced; new construction projects are less than expected.

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Tongwei shares (600438) 2019 semi-annual report review: silicon material business gradually enters the Jiajing single crystal market or will pick up
Incident Description The company released its semi-annual report for 2019 and achieved operating income of 161 in the first half of the year.24 ppm, an increase of 29 in ten years.39%; net profit attributable to mother 14.51 ppm, an increase of 58 in ten years.01%. Investment Highlights Cell Business: The performance in the first half was outstanding. The market price in September-November attempted to rebound to Chengdu. Hefei had a total of 6.The production capacity of 4GW monocrystalline PERC cells reached production in the first quarter. Until the release of the Interim Report, the utilization rate of the new production line has exceeded 110%, and the capacity utilization rate continued to exceed 120% during the year.According to PV Infolink data, the average market price of monocrystalline PERC cells in January to June 2019 was at 1.16-1.At 30 yuan / W, it maintained a high level. In the first half of the year, the company’s monocrystalline PERC cell sheet gross margin was close to 30%, and the polycrystalline cell sheet gross margin exceeded 20%, both maintaining market-leading levels. In July, due to the release of domestic bidding project product demand, the overseas market entered the off-season and other factors, the battery chip prices were temporarily low.We expect that from September to October, the full release of domestic bidding projects and the overseas market will gradually enter the peak season. The battery chip market price is expected to gradually pick up. In the second half of the year, the company’s overall battery business will remain at about 20%. The company is currently constructing Phase 4 and Meishan Phase 1 high-efficiency crystalline silicon battery projects. It is expected to be completed and put into operation at the end of 2019 to the first half of 2020. By then, the company’s battery capacity will be further increased from 12GW to 20GW, and the profitability of the battery business will continue to increase. Preliminary business: Full release will be ushered in 合肥夜网 the second half of the year, and the dense material rate will continue to increase in the first half of the restructuring volume.2 baseline, the overall single crystal rate of 40%, mainly due to the new investment in Leshan, Baotou each increased throughput and climbing and quality improvement later than expected.According to the company’s semi-annual report, Baotou and Leshan’s new production capacity reached 100 tons / day in March and June respectively. The production cost has replaced 4 million tons / ton and the gross profit level of the new production capacity has reached 30%.In the second half of Leshan, the single crystal rate of Baotou’s new production capacity is expected to increase from 60% and 40% to 80-85% respectively. Considering that the current price of dense materials is higher than the price of cauliflower 武汉夜生活网 materials by more than 30%, the profitability of the company’s profitable business is expected to be significant.With the improvement, the gross profit margin of Leshan and Baotou’s new production capacity is expected to further approach 40%. Feed business: price reduction and volume increase, profitability has increased steadily. Affected by the swine fever in Africa, environmental protection requirements of farming and fluctuations in raw material prices caused by international trade disputes, the cost of feed companies has increased.The company adopted a sales strategy for profit-making customers, achieving a 17% increase in feed sales in the first half of the year, an annual increase in operating income of 14%, and a gross profit increase of approximately 10% each year.With the advent of the peak sales season in the second half of the year, related performance is expected to continue to improve. Profit forecast and estimation We expect that the company will achieve a net profit of 30% in 2019-2021.4.1 billion, 40.8 billion, 50.07 trillion, the EPS of the current share capital is 0.78 yuan, 1.05 yuan, 1.29 yuan, corresponding to 19.24 times, 14.34 times, 11.68 times P / E, continue to give “Buy” rating. Risks indicate that the market price of photovoltaic products has fallen or exceeded expectations; the company’s product segmentation volume has fallen short of expectations.

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Lixun Precision (002475) Quarterly Report Comment: First-Quarter Results Exceed Expectations Precision Manufacturing Leader Continues to Exceed Expectations
Events: 1.The company released its first quarter results on April 22, and achieved revenue of 90 in 2019Q1.200 million US dollars, an annual increase of 67%, net profit attributable to shareholders of listed companies.2 ‰, an increase of 85% in ten years, net of non-attributed net profit5.200 million, an increase of 108% in ten years. 2.The company foresees a net profit of 14-15 in the first half of 2019.700 million, an increase of 70% -90% in ten years. Opinions: 1. The growth rate in the first quarter exceeded expectations.In Q1 2019, the income reached 90.200 million US dollars, an annual increase of 67%, net profit attributable to shareholders of listed companies.2 ‰, an increase of 85% in ten years, net of non-attributed net profit5.200 million, an increase of 108% in ten years.The company’s actual performance in the first quarter fell below the Air Force’s median forecast, exceeding market expectations.The company’s refined management is in place, with a net profit margin of 7 in the first quarter.04%, an annual increase of 1.1 point, the precision manufacturing leader is expected to maintain high growth in 19 years. 2.The forecast for the first half of the year increased by 70% -90%, exceeding market expectations.The company foresees that the net profit attributable to mothers will increase by 70% -90% in the first half of the year, and the range of net profit attributable to mothers is expected to be 14-15.7 trillion, corresponding to level 14 in the interval.85 ppm, an 80% increase in one year, exceeding market expectations.We believe that the gradual improvement lies in the smooth climb of the company’s products, the continuous improvement of new product yields and the improvement of the company’s gross profit margin, and relying on the strong growth of the company’s non-mobile phone business to offset the impact of the decline in mobile phone sales.The company’s share of many new products in large customers still has room for continuous improvement, far from reaching the ceiling.In addition, the company’s rapid growth in non-mobile products of major customers, wearable devices and wireless headset penetration continued to increase, the company continued to grow.As a leading manufacturer of precision manufacturing, the company’s ability to introduce yield climbs into new products has been with its peers. Similarly, new products can contribute positive net profit to the company before their peers.Although the overall economic environment of the industry in which it is located is challenging, the company is based on the previous comprehensive planning of consumer electronics and customers, the years of advanced communications, industrial, and automotive electronics products and customers, and its own strong project implementation capabilities.Performance will continue to achieve rapid growth. 3.Looking forward to 19 years, the company will benefit from the continuous increase in product share and the introduction of new products. We believe that Lucent will continue to benefit from the continuous introduction of new products and expansion of major customers.In addition, the company’s precision automation manufacturing capabilities have continued to improve, with significant performance gains and reductions in efficiency, improved yields, and steady profit growth.The wireless charging receiver of mobile phones has become an absolute main supplier for large customers; the acoustic project is progressing smoothly and has improved; in the long run, the number of motor products of the company is expected to deviate from the rest of the U.S. suppliers; AirPods market reaction continues to be hot, and the total value is expected in 2019The number is expected to reach more than 40 million. In the second half of the year, it is expected to usher in a large model change, which will increase the ASP of the assembly plant. As the absolute main supplier, Lucent will continue to benefit from the rising sales of AirPods.In addition, the company is deeply involved in AppleWatch, another major product of major customers. It is expected 杭州桑拿 to participate in the conversion from wireless charging modules to the final assembly, and gradually expand antenna, acoustics and motor products. We believe that AppleWatch ‘s main health positioning is becoming clearer and more sales follow-up.Expected to continue to exceed expectations. 4. In the past three years, the expenditure on research and development has reached nearly 5 billion yuan. High R & D investment is a favorable guarantee for subsequent high growth.In the past three years, the company has gradually invested 49 in research and development.89 trillion, the proportion of R & D investment in operating income continued to rise. In 2018, the company incurred R & D expenses25.US $ 1.5 billion, the company’s R & D expenses rank second only to BOE, Haikang and other companies in the electronics industry.It is expected to mainly expand new product research and development for large customers, and at the same time increase the company’s automated production investment. We believe that Lixin is a true platform company with excellent research and development genes. The company’s previously expanded research and development scale is among the best in some consumer electronics.The foundation of the company’s future harvest. 5. The growth of the communications and automotive business has accelerated, and in the future relay consumer electronics will grow rapidly.In the first year of 5G commercialization in 2019, the number of base station constructions has increased. The company’s communication interconnection product customers and consumer electronics customers have a synergistic effect. It is expected to enjoy high-speed industry growth in base station antennas and filters.The chain has made substantial progress. The company will strengthen its resource allocation and related preparations in communication business areas such as radio frequency base stations and data centers to meet the major opportunities and challenges brought by the 5G era.In addition, the company’s automotive electronics products have grown steadily, and have formed wiring harnesses, connectors, electronic modules, insert-molded functional parts or other complete component product lines, and have established a better foundation in the field of new energy vehicles.Depots and Tier 1 customer bases have achieved breakthroughs and will be the expected stable growth point in the future. Investment proposal It is estimated that the company’s total operating income for 19-21 will be RMB 501.3 billion, RMB 67.6 billion, and net profit will be RMB 38.1,46.560 billion yuan, EPS is 0.93, 1.13, 1.46 yuan, corresponding PE is 28, 23, 18 times, maintaining a highly recommended level. Risk warning: smart phone demand growth indicators, changes in key customer technology solutions, Sino-US trade war, and consumption downgrade

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Wingtech (600745) quarterly report comment: revenue growth and long-term growth
Event: On April 30, 2019, the company released the 2019 first quarter report, and achieved operating income of 48 in Q1 2019.86 ppm, an increase of 184 in ten years.60%, achieve net profit attributable to mother 0.430,000 yuan, an increase of 175 in ten years.07%, net profit after deduction is 0.390,000 yuan, an increase of 164 in ten years.44%.  Opinion: We continue to strongly recommend the company. The company is a mainstream ODM supplier. It has cooperated with most mainstream brands and has provided in-depth ODM service cooperation for Huawei, Lenovo, Xiaomi, Meizu, OPPO and other well-known domestic brands.The addition of LG, an international major customer, is expected to add Samsung this year, becoming an important increase.At the same time, the company entered the Huawei laptop supply chain, and Huawei MateBookE was owned by the company ODM.The company proactively adjusted the customer structure in the first three quarters of 2017, with significant results. According to the company’s past financial reports and the mobile phone industry, the company’s business was the off-season in the first quarter of 2019.The company’s revenue and profit distribution in the first quarter of 2019 increased in the fourth quarter of 2018 from the previous quarter, But achieved substantial growth, customer structure adjustment and research and development commitment 四川耍耍网 to significant results.In addition, the company’s acquisition of Anshi Semiconductor is progressing gradually. On April 29, 2019, the China Securities Regulatory Commission officially announced the “Approval of Assets Purchased by Listed Companies for Issuing Shares”.  The acquisition of Anshi Semiconductor realized investment income, and the acquisition money increased financial costs.Hefei Zhongwen Jintai Semiconductor Co., Ltd., a subsidiary of the company, formally consolidated in February. The company’s subsidiary, in order to acquire Anshi Semiconductor, holds Hefei Guangxin 99.96% equity share.Hefei Guangxin is the largest shareholder of Hefei Yuxin and holds Hefei Yuxin 42.94% equity, Hefei Yuxin holds Yucheng Holdings 78.39% equity, Yucheng’s controlling shareholder 100% equity of Anshi Group, after penetration, the 佛山桑拿网 company now holds the company Anshi Semiconductor is expected to 33.With 64% of shares, the realized investment income is expected to be about 90 million yuan. The acquisition of Anshi Semiconductor began to show positive effects and contribute to the company’s income. Anshi Group’s 2018 net profit13.400000000.In terms of financial expenses, the company and Industrial Bank signed a “M & A Loan Contract”, with the M & A loan amount of US $ 3.5 billion, and the interest rate on the expenditure was the benchmark benchmark interest rate plus 2.75% of the borrowing began to calculate the index in February, and the interest expense incurred in the first quarter is expected to be 40 million yuan.  In-depth cooperation with leading 5G companies is expected to benefit from leading advantages.The company and Qualcomm, China Mobile and other partners released the 5GPC Hongye plan. At the same time, the company and Qualcomm signed the 5GLICENSEE authorization document, and have already obtained Qualcomm 5G platform-related technical documents.With the technical support of Qualcomm, the company has started the pre-research work on 5G-related products.It is expected that the accelerated penetration of 5G will be gradually realized in the future. The company’s related 5GODM products will accelerate the development and volume, and the performance is expected to be in the next city. In the upcoming 5G era, the company has a breakthrough leading investment suggestion: We continue to recommend the company, and the company cooperates with Qualcomm in depth.It has a leading edge in 5G and is expected to benefit from the 5G era.In terms of ODM business, we have achieved optimization of customer structure, and have cooperated with a number of mainstream brands. In the first quarter, the expansion of international first-tier brands achieved growth.It is expected to achieve net profit in 2019-2021.50/8.20/10.6.7 billion; Anse Semiconductor’s revenue in 19-20 years is 130.2/144.500 million, net profit attributable to mother 18.9/24.500 million.  Risk warning: Ace Semiconductor’s performance is less than expected, listed companies will fail to issue shares, ODM business is less than expected, R & D entry is less than expected, 5G construction progress is less than expected

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Shiji Information (002153) Tracking Analysis Report: Why are we optimistic about Shiji’s internationalization?
From the perspective of competition, Shiji is currently in the first echelon.At present, who can lead the global cloud PMS market? Through the strength of alternative technology research and development, we can determine whether there is a global marketing network that can provide support and services for large hotel groups in hotels around the world.There 都市夜网 are many cloud PMS vendors being developed in the market, including large international vendors such as Oracle and Infor, as well as small international vendors such as Agilysys and Little Hotelier, as well as some regional vendors.However, the only Oracle, Infor, Agilysys, Shiji and other few manufacturers with strong technical strength and layout at the same time, Shiji is currently in the first echelon, and the layout is also accelerating. From the perspective of business layout, Shiji has demonstrated extraordinary strategic vision and strong execution.1) Products, companies, forward-looking judgments on the future development of the industry, through investment mergers and acquisitions, from the hotel big data application services, hotel catering management systems, back-office systems and other systems that are not closely connected to the group system, and hotel front roomsThe management system went to the cloud at three levels for planning and proceeded in an orderly manner.2) Technology itself, the company brings together more than 500 overseas high-quality talents for cloud product technology research and development and support services, so that the company can well integrate with local culture in terms of brand, market, and operation, and truly integrate customers and products.Maintain sufficient leading and international perspective on functional design and technical architecture, R & D management. Subsidiaries are gradually integrating and condensing into a powerful core force.In the second half of 2018, the company integrated its wholly-owned subsidiary Snapshot and AC Project GmbH into a wholly-owned subsidiary Shiji Europe.Based on the integration of Shiji Germany and Snapshot’s resources, Shiji Europe will be responsible for the PMS / CRS business of the next-generation cloud platform in accordance with the group company’s concept of a new generation of cloud platform products.With the completion of subsidiary integration, the company’s international layout has gradually condensed into a strong core force, which has replaced the solid foundation for the company’s gradual development of a new generation of hotel management cloud platform business. The logic has been straightened out, and Shi Jiyun’s transformation is about to usher in preliminary progress.After years of global layout and product research and development, the company’s big data-based application cloud service is currently in a relatively leading position in the world; the new generation cloud platform catering system “Infrasys Cloud” has passed many intercontinental, Hyatt, Peninsula, Marco Polo and many other well-known international hotel groupsThe rigorous testing and bid evaluation certification provided it with an internal cloud catering management system; the core cloud hotel room management next-generation cloud system has made substantial progress and is expected to be tested around mid-2019. Investment suggestion: In summary, we believe that Shiji’s internationalization strategy has entered a new stage.Maintain forecast that the company’s net profit attributable to its mother for 2019-2021 will be 5.36 billion, 6.24 billion, 7.5.2 billion, corresponding to PE is 59 times, 51 times, 42 times.Considering that the cloud transformation has the characteristics of large initial investment and the recognition of income in phases, we believe that the PS estimation method is more reasonable.Considering that the company’s historical average PS level is about 14 times, and the company’s PS range in 2018 is 10-14 times, we comprehensively give the company 12 times PS in 2019 and adjust the target price to 39.3 yuan, maintaining the “strong push” level. Risk Warning: The development of cloud PMS products is slow, and competition in overseas markets is intensifying.

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Dongfang Cable (603606) In-depth Report: Inclined sales structure towards submarine cables to boost company profitability

Investment points: First, although the output value of the cable industry in developing countries is relatively long, it has reached 9935 at the end of 2018.

09 ppm, but most of the products are concentrated in the low-end level, the industry’s gross profit margin has decreased, about 3.

5% -5.

3%, and the high-end products represented by submarine cables in the products ranked first among all types of cables with a median gross profit margin of about 39%.

Submarine cables play an important role in cross-sea connections, offshore wind power, and offshore oil and gas surveys. According to public information in 2016, the global offshore wind power market ‘s demand for submarine cables accounts for 47% of the total submarine cable market, which is among the three major marketsWith the highest demand, according to the estimated investment of offshore wind power projects, the demand for offshore wind power offshore cables in 2019 is expected to reach US $ 12.7 billion to US $ 15.6 billion.

  Second, there are only four companies that research and develop and sell submarine cable products in listed companies. The total submarine cable revenue of listed companies in 2018 was about 33.

21 杭州夜网论坛 trillion, accounting for 0% of the total cable market revenue.

3%. In the same year, the gross sales profit of the industry was 40.2 billion, and the total gross profit of submarine cable sales of listed companies was 10.

7.6 billion, accounting for a market gross profit ratio of 2.

67%, submarine cable products have a higher contribution to the industry’s profits.

  3. Dongfang Cable, as a leading company in the upstream cable industry, is also the first company to develop submarine cable business. In 2018, submarine cable sales revenue was 10%.

7.2 billion US dollars, the current market share of the submarine cable is about 30%. From the perspective of the restructuring company ‘s sales structure, the proportion of its submarine cable sales has increased from 7% in 2017 to 36% in 2018.The high profit, the company’s net interest rate also changed from 2 in 2017.

5% rose to 5 in 2018.


In the future, the company will also continue to increase its investment in research and development of submarine cable cars. At the end of 2017, the company will raise funds through a fixed increase6.

USD 900 billion to develop high-end marine energy equipment cable system projects. It is estimated that the annual output of marine new energy equipment cables will reach 630km, marine power equipment cables 250km, offshore oil and gas equipment cables 510km, and intelligent transportation equipment cables 92,450km., The company will continue to benefit from the development of submarine cable business.

  4. According to the development trend of the company, it is estimated that the company’s operating income for 2019-2021 will be 37.

80, 45.

36, 54.

US $ 4.4 billion, with growth rates of 25%, 20%, and 20% at the beginning of the year, and net profit attributable to mothers was 2 respectively.


45, 4.

25 trillion, a growth rate of 46 in ten years.

9%, 41.

18%, 23.

4%, corresponding to EPS (diluted) are 0.

373, 0.

527, 0.

650 yuan, the current industry PE is 20.

11 times, the company’s lowest in the past year is 26 times PE, the highest is 44 times PE, to be conservative, the company is given 25 times PE in 2019, slightly higher than the industry value, corresponding to the target city valuation of 60.

50 ppm with a target price of 9.

25 yuan, give “hold” rating.

  Risk disclosure: risks from tilted business structure; market competition risks; investment projects fail to meet expectations

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List of listed life insurance companies’ life insurance transformation

Where does the increased premium come from?
List of listed life insurance companies’ life insurance transformation

Listed insurance companies are currently at different stages of development.

  Han Renfei Photo Source: Vision China Since the policy guidance of “Return to Insurance Guarantee” was put forward in 2016, life insurance companies have generally begun the transition to return to guarantee.

This is reflected in the addition of an insurance channel business, expansion of the bancassurance channel business, and optimization of the premium structure to improve business quality.

  From this perspective, listed insurers are currently at different stages of development. Some listed insurers have realized that the quality of their business has now been successfully transformed. Some listed insurers have sharply optimized their premium structure in recent years, while others should adopt policies.The call has just begun and there is still a long way to go.

  At present, CPIC (601601.

SH), Ping An of China (601318.

SH), China Life (601628.

SH), People’s Insurance Group of China (01339.

HK), China Taiping (00966.

HK) and Xinhua Insurance (601336.

(SH) Six listed insurers own life insurance business. Interface News sorted out the premium structure of these six companies, as shown in the table above.

  From the perspective of the proportion of business in each channel, in addition to PICC, the other five listed insurance companies use individual insurance channels as the main source of premium income.

Among them, CPIC’s individual insurance channels accounted for the highest proportion, reaching 87.


“China Pacific Insurance is probably the first company in the industry to transition to various risks. After 2011, the company started a strategic transformation, proactively abandoning low-value bancassurance business and concentrating resources to lay out high-value individual insurance business.” Industry observers analyzeThe company completed 1 last year.

The 0 transformation is the enterprise with the highest proportion of insurance channels in the industry, and the quality of business has fundamentally changed.

  Ping An also accounts for more than 80% of the individual insurance channels. The insurance channel achieved 404.9 billion yuan in premium income, accounting for 85.


“Ping An of China is also an insurance company with the highest income in the 南京桑拿网 insurance channel, even surpassing China Life, the leading life insurance company,” said the above observers. This is due to the company’s stable growth in manpower in recent years, while its production capacity and revenue have steadily increased.

  Xinhua Insurance, which has transformed in the past two years, has made great progress in optimizing its premium structure last year. The company ‘s individual insurance channel business accounted for 79%.

96%, realized premium income of nearly 87.4 billion yuan.

“The basic transformation of the business structure has been completed. The introduction of the business rhythm phenomenon introduced by premiums will gradually increase the pressure on subsequent cash flows.

“Tianfeng Securities said.

  China Life Insurance and China Taiping’s individual insurance channels accounted 北京夜网 for more than 60%. They are considered as the third echelon of listed insurance companies. With the first echelon of China Pacific Insurance and China Ping An as a reference, there is still much room for optimization.

China Life’s business structure is in a state of slow adjustment. Last year, each insurance channel realized a premium income of 353.7 billion yuan, accounting for 69.


China Taiping has accelerated the expansion of its insurance team in the past three years, and has now become the largest source of revenue. In the future, the company will continue to optimize the quality of its business and increase the proportion of long-term savings businesses.

  In terms of growth rate, the average income of individual insurance channels of listed insurance companies has maintained a growth rate of more than 10% for ten years.

The growth rate is China Pacific Insurance, which has the highest proportion of insurance channels, with an annual increase of 33.

6%; followed by rising star China Taiping, reaching 31.

88%; Ping An of China, the growth rate of an insurance channel of China Life is more than 25%; the growth rate of Xinhua Insurance and China Life Insurance’s individual insurance channel is relatively 20%.

  In contrast, listed insurance companies are generally reducing their banking and insurance channel business.

The bancassurance channel is suitable for the sales of universal insurance and savings products. The reduction in the proportion of bancassurance channels also means that listed insurance companies have shifted their sales focus to the protection products of individual insurance channels, which is more in line with the function of insurance protection.

In terms of percentage, Ping An’s bancassurance channel business accounted for the lowest proportion, only 3.

In fact, it is the same figure of CPIC at the same time, and the proportion of other channel businesses including the bancassurance channel is 9.

And China Life and China Taiping Bank Insurance channel business income is still the company’s second largest business source, accounting for 20% to 30%.

PICC’s transformation started later, with the proportion of bancassurance channels reaching 49.

69%, still the company’s largest source of business.

  In terms of growth rate, Xinhua Insurance cut its bancassurance the most last year, and its bancassurance channel business income gradually decreased by 47.


CPIC, Ping An and PICC are in the second place, and are slowly compressing their bancassurance business, with an average horizontal width of about 10%.

And China Life and China Taiping’s bancassurance channel business still maintained positive growth.

  In addition, China Life, Ping An and China Taiping also disclosed data on the power grid sales channels. China Ping An Power Grid sales and other channel businesses eventually achieved a premium income of 358.

4.5 billion, an annual increase of 60.

69% was accelerated in all channels, accounting for 7%.


China Life’s other channel businesses including grid sales and critical illness insurance business achieved premium income of 185.

USD 8.6 billion, an increase of 22 per year.

35%, accounting for 3.


And China Taiping’s diversified sales (mainly telemarketing) achieved a premium income of 272.

300 million US dollars, an annual increase of 23.

36% is the company’s second fastest growing business.

  Although listed insurers are actively transforming and adjusting their business structures, China Pacific Insurance, China Ping An has begun early and has now completed the transformation, and has now reached the stage of further improving the quality of its business. In recent years, Xinhua Insurance has determined to rapidly adjust its business structure.PICC is still in the process of slow adjustment.

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Yuyue Medical (002223): Pioneer of Anti-epidemic
Strong support for epidemic prevention and epidemic prevention, seize the potential, meet the challenge Yuyue Medical is a key medical material enterprise for epidemic prevention and epidemic prevention. In mid-February, the company gradually provided more than 1,000 kinds of sensory control and disinfection products to areas such as Wuhan for epidemic prevention and control.There are more than 3 million units of body temperature monitoring and respiratory therapy products, which have made outstanding contributions to epidemic prevention.We believe that the outbreak has boosted the company’s short-term profitability and accelerated the promotion and expansion of blank markets from a long-term perspective.  We raise the company’s profit forecast for 2020 and 2021, and expect EPS for 2019-2021 to be 0.84/1.10/1.12 yuan, raise the target price to 37.28-39.48 yuan, maintain “Buy” rating.  Short-term: The growth and volume of the epidemic-related products, the net interest rate or the company’s main products such as disinfectant, oxygen generator, ventilator, forehead gun, etc. have played an important role in the epidemic, and have continued to be underfunded.To ensure supply, the company organizes overtime production during the Spring Festival, which is usually the off-season.We estimate the corresponding revenue of the above-mentioned epidemic-related products in 2019 to be approximately 1.8-1.9 billion, accounting for 38-40%.The company’s hot-selling epidemic-related products were basically purchased by enterprises and institutions. Although the group purchase price is lower than the usual terminal price, because there is no intermediate channel profit, the ex-factory price has increased compared to usual.In addition, the group purchase method can save marketing costs and management expenses such as travel. Therefore, we believe that the company’s epidemic-related products will not only increase revenue but also increase net profit margin.  Long-term: The rapid response to the epidemic is expected to accelerate the promotion of hospitals and civilian markets. We believe that the impact of the epidemic on the company is not only one-time, but also of long-term significance: 1) civilian market: Zhongyou sensory control products have been fully recognized by tertiary hospitalsOutstanding performance in the field of epidemic prevention and disinfection may be expected to achieve the scale of its promotion of civilian products; 2) Hospital market: Bilevel non-invasive ventilator and other products are expanding the hospital market before the epidemic. In this epidemic, it successfully assisted in treating a large number of patients. PreliminaryPreliminary academic guidance.If the combined marketing and management capabilities of the company can seize the changes hidden in the crisis, then we believe that this will significantly accelerate the development of blank markets.  The medical clinical business and the medical respiratory oxygen supply business may perform well in 2020. We believe that the company’s three core businesses will maintain rapid growth in 2020: 1) Medical clinical: Driven by the continued high-volume of Zhongyou disinfection and control products, we expect the companyMedical clinical revenue will grow at a rate of 30% in 2020; 2) Respiratory and oxygen supply: vital products such as ventilator, nebulizer and oxygen generator to treat respiratory diseases, we expect the company’s medical respiratory and oxygen revenue to grow in 202020%; 3) Home medical: The sales volume of frontal temperature guns is heavy, and the lag in demand for blood glucose meters and sphygmomanometers results in limited impact, so we expect the company’s home medical income to be stable in 2020, remaining at 20-25%.  2020 performance expectations are expected to accelerate, maintaining the “Buy” rating. Considering that the company ‘s multiple products have been affected by the epidemic, and reduced certain marketing expenses, we have raised the company ‘s 2020 and 2021 epidemic-related product revenue forecasts, while reducing the sales expense ratio and managementExpense ratio, the company’s expected net profit attributable to the mother for 2019-2021 is 8.46/10.99/12.08 thousand yuan (previous value was 8.46/9.86/11.46 ppm), the annual increase is 16都市夜网% / 30% / 10%, the current expected corresponding PE is estimated to be 35x / 27x / 25x.The average PE of the comparable company in 2020 is 34x. Considering the short-term and long-term positive impact of the epidemic on the company, we give the company an estimated PE in 2020 of 34x-36x, corresponding to a target price of 37.28-39.48 yuan, maintain “Buy” rating.

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NavInfo (002405) Semi-annual Report of 19 Years: Intelligent Driving Deep Layout Intelligent Driving Deep Layout Short-term pressure does not change long-term advantages

I. Event Overview The company achieved revenue in the first half of 201910.

8.4 billion, an annual increase of 9.

43%; net profit attributable to mother is 8560.

30,000 yuan, at least 47 a year.

56%; deduction of non-net profit 6154.

860,000 yuan, an average of 54 in ten years.


Second, analyze and judge the leading company of car navigation, large group cooperation long-term growth. The basic company ‘s market share in the car navigation pre-installation market is stable in the 38% -40% range. For many years, deepening the automotive industry chain has brought stable market advantages.

During the year, ten ministries and commissions, including the National Development and Reform Commission, issued the “Implementation Plan for Further Optimizing Supply to Promote Consumption Growth and Promote the Formation of a Strong Internal Market.”

Of course, the two major groups, Daimler and BMW, respectively signed 2020 to 2024, and the navigation electronic map sales agreement before 2021 is an important basis for long-term growth.

With maps as the core layout of intelligent driving and complementary orders highlighting the leading autonomous driving maps, highway collection and industrialization are leading the way.

The best data has effectively covered more than 210,000 kilometers of high-speed highways across the country. In 2019, it covers all national highway networks, and the mileage collected is leading in the domestic industry.

The company’s self-developed self-driving solution has completed the 5,000 km non-repeated road test on the Beijing-Kunming Expressway.

In February 2019, the company and BMW Motors signed an agreement to provide Level 3 and above autonomous driving map products and related services for the BMW Group’s brand cars that will be mass-produced and marketed in China from 2021 to 2024.An order for Level 3 and above autonomous driving maps.

The acquisition of orders fully demonstrates the company’s leading advantages.

Chips, Internet of Vehicles business achieved results, and ecological construction continued to advance the company’s IVI. AMP chips have achieved certain advantages in the aftermarket. MCU chips have been mass-produced in 18 years, and TPMS chips are scheduled to be mass-produced in 19 years.

With the recovery of automobile sales, the business climate of related businesses is expected to pick up.

At the same time, the company reached an agreement 深圳桑拿网 with the BMW Group in August 2019 to provide internal car-connected system related services such as dynamic traffic information and route planning for this brand car.

The company’s existing car networking services have covered background content, dynamic information, cloud-to-OS, and terminal hardware to form a fully ecological car networking service solution.

The large car factory orders received this time are expected to create a benchmark effect and accelerate the development of related businesses.

Reported that the growth rate of the first-tier company’s connected car business income reached 38.

16%, a new high for the same period in the past three years.

Third, investment suggestions The company ‘s navigation, chip and other businesses are highly correlated with car sales. At the same time, the company continues 天津夜网 to invest heavily in research and development to maintain technological advantages, so the short-term performance is under pressure.

However, intelligent driving is an important development direction of the policy support field and the automotive industry. The promotion of L3 intelligent driving is already the general trend. The industry is expected to accelerate its growth. The company’s leading layout in the field of intelligent driving will bring long-term value.

EPS are expected to be 0 in 19-21.



41, corresponding PE is 59X, 47X, 36X.

The company’s average PE (TTM) 117X in the past three years, the company’s current PE (TTM) 66X, maintaining the “recommended” level.

Fourth, risk warning: the chip business growth is less than expected, the advanced map landing progress is less than expected.

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Thousands of shares of A shares fell: long-term gift package MLF interest rate LPR subsequently dropped can be expected

For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!

  On February 3, the first trading day of the Year of the Rat, affected by the pneumonia epidemic, A shares almost opened with limit stops without any doubt, and the number of limit stops once exceeded 3,000.

  The first emergency shot, “rate cut” is here!

On February 3, the People’s Bank of China issued an announcement saying that in order to hedge the impact of factors such as the termination of reverse repurchase in the open market and the termination of the concentration of funds in the financial market, the banking system had a reasonable and sufficient liquidity during the special period of epidemic prevention and control, and was initiated by interest rate tenderUp to 1.

2 trillion reverse repo operations.

  Among them, the 7-day reverse repurchase bid amount was 900 billion yuan, and the bid interest rate was 2.

4%; The 14-day reverse repurchase bid amount is 300 billion yuan, and the bid interest rate is 2.

55%, 2 last time.

5%, 2.

65%, all down 10 basis points.

Know that today’s reverse repo expires at 1.

05 trillion, the single-day net investment is 150 billion.

  Gradually stated that they will continue to pay close attention to market liquidity during special periods of epidemic prevention and control to ensure adequate liquidity supply.

  The reverse repurchase rate fell by 10BP, which exceeded market expectations. From a market perspective, the gradual operation can be said to further demonstrate the confidence and determination of the macro-scale and maintain the stock market.

“Founder Securities (rights) chief economist said in color.

  Wen Bin, chief analyst of Minsheng Bank, also told the International Financial News reporter that during the special period of epidemic prevention and control, this change will help maintain a large supply of liquidity in the post-holiday market and help financial institutions do a good job of liquidity management.

Judging from the operation of the money market and bond market today, interest rates are generally stable and the market is expected to be stable.

  ”From 1.

In terms of the 2 trillion reverse repurchase structure, the operating mode of 900 billion 7-day reverse repurchase + 300 billion 14-day reverse repurchase is mainly used. It can be said that the overall scale of liquidity is very rich.

Wen Bin said that if the 900 billion US dollars reverse repurchase expires after February 10th, it may also be replaced by MLF to put liquidity for a predetermined period, and the LPR price on February 20th will have an impact.

“This week, we can gradually make corresponding policy choices by continuing to observe the prevention and control of the epidemic situation.”

  Regarding the 14-day reverse repurchase operation adopted this time, Guo Yuwei, a macro analyst at Industrial Research, believes that “the transition from 2016 to 2018 has chosen to compensate for the Spring Festival liquidity through 28-day or 30-day tools, which means the impact of cash leakageThe duration is about 1 month.

Prior to the holiday, 14-day liquidity was mainly invested, and the return speed was faster than the speed of cash return to the banking system.

Therefore, in order to fully cover the expected impact of the resumption of work, a certain number of 14-day reverse repurchases are required.

”February ‘s expected reduction in LPR quotes is seen by a number of specific persons. Next, MLF (Interim Lending Facility) interest rates will also fall, and the LPR (Loan Market Quote Rate) announced on February 20 is expected to fall.

  ”From the perspective of the significant decline in A-shares after the opening today, the long-term reverse repurchase ‘reduction in interest rates’ is a response based on changes in the stock market.

At present, it appears that the interest rate of the new MLF will be reduced correspondingly in mid-February, but the overall situation still needs to be selected according to the changes in the stock market.

“Said the color.

  The color indicates that in order to respond to the epidemic prevention and control, the short-term internal monetary policy operation has two main objectives: First, to respond to short-term liquidity shocks, this release.

The US $ 2 trillion reverse repurchase arithmetic is a one-time sequel to the expiring open market operation, which stabilizes market expectations, but there may not be more reverse repurchase operations in the next week; by observing the trend of the capital market,Especially for the possible overshooting of the stock market in the future, some precise adjustment policies have been introduced.

But these precise measures are mainly to expand the operation of the capital market, not the traditional monetary policy norms.

  Wen Bin said that the 7-day and 14-day reverse repurchase rate cuts may mean that the MLF policy rate cut is not far off.

“The expiry date of the next MLF is April 17 this year. From the perspective of the epidemic situation, it is expected that the MLF will be continued early in the beginning of next month and will be reduced by 10 bps at the same time to guide the substantial decline in the LPR rate as soon as possible and effectively reduce the entity.Economic financing costs. ”

  In addition, Ma Jun, a member of the Foreign Exchange Monetary Policy Committee and an expert at the National Institute of Finance of Tsinghua University, also said that from today ‘s progressively higher-than-expected liquidity shift, the bidding interest rate in the open market operation has been lowered by 10 basis points, which actually reached the market ‘s expectation of “rate reduction”effect.

This projection of liquidity beyond expectations can generate a downward thrust on the overall market interest rate.

Following the decrease in the bidding interest rate in the open market operation that reflects the short-term interest rate of the 青岛夜网 market today, the bidding interest rate for the medium-term lending convenience operation that has been carried out in the middle of the month gradually has also decreased, and the LPR announced on February 20 is expected to decline.

  Financial support is expected to escalate. As a whole, in the special period of the current epidemic prevention and control, market liquidity issues have been replaced by regulators and other regulators. It is predicted in advance that subsequent financial support will gradually be upgraded again.  On January 28, the People ‘s Bank of China and the State Administration of Foreign Exchange stated in the “Notice on Extending the Inter-bank Market Break Time Arrangement” that the People ‘s Bank of China will use open market operations in consideration of the scale of funds remaining after the market opens on February 3.Monetary policy tools such as monetary policy issued a large amount of liquidity in a timely manner to maintain reasonable and sufficient liquidity in the banking system.

  With the advancement of epidemic prevention and control work, the five departments of the People’s Bank of China, the Ministry of Finance, the Banking Insurance Regulatory Commission, the Securities Regulatory Commission and the State Administration of Foreign Exchange jointly issued the “Notice on Further Strengthening Financial Support for the Prevention and Control of New Coronavirus Infectious Diseases”Among them, the first one is “maintaining reasonable and sufficient liquidity”, and the first one is particularly prominent “maintaining reasonable and sufficient liquidity”.

  Pan Gongsheng, deputy governor of the People ‘s Bank of China and director of the State Administration of Foreign Exchange, said in an interview with the media, “Considering the dual effects of the special period of the epidemic and the deferred opening of the market, open market operations, standing borrowing facilities, reloans, rediscounts and other variousMonetary policy instruments provide liquidity to markets.

We will maintain close communication with financial institutions and financial markets, fully understand market liquidity conditions and liquidity needs, research and judge liquidity indicators, timely release policy information, and strengthen expected guidance.

For this reason, Ding Anhua, chief economist of China Merchants Bank, believes that under the special circumstances of the new coronavirus epidemic prevention and control, the timely redistribution of liquidity shows the “flexible and appropriate” orientation of monetary policy and highlights the constant stabilization of the marketThe determination will help stabilize and boost market confidence.

  Ding Anhua predicts that the epidemic will reach its peak (Jin Qilin analyst) period, and the financial system’s support for the real economy will continue to increase.

“In addition to the targeted interest rate cuts targeted at companies affected by the infringement situation, the MLF rate cuts are expected to fall in the near future, with a range of 5-10bp, which will drive a one-year LPR synchronous downlink.

Considering that the highest rigidity of deposit costs is still a major factor in increasing the decline in loan interest rates, it cannot be ruled out that expansion will guide the decline in deposit interest rates by adjusting the benchmark benchmark.

At the same time, considering that the overall RRR cut has already been implemented in early January, there has recently been a possibility of targeted RRR cuts for small and medium banks.

On this basis, this year is still expected to continue to reduce the level twice (total 100BP), respectively in the middle of the year and the end of the third quarter.

Combining the flexible use of monetary policy tools such as SLF, MLF, refinancing, and re-discounting, liquidity promotes adequate maintenance.

“Reporter Ma Jiaxin

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