The first quarter of this year has ended. Under the influence of the new coronary pneumonia epidemic, global stock markets have plunged. How is the performance of A shares?From the data point of view, it is relatively stable. The Shanghai and Shenzhen stock indexes have not fallen by more than 10%. The GEM index has closed with a red plate. A shares are generally ranked high in the global stock market.Institutional point of view believes that under China’s earlier control of the epidemic, as well as favorable monetary and fiscal policies, A shares may become a global “safe haven” and the first choice for global capital redistribution.The global stock market fell A shares relatively “anti-fall” Since 2020, the global stock market fell across the board, many countries’ main stock indexes fell more than 30%.In comparison, the A-share market performed stably, with the Shanghai Composite Index falling 9 in the first quarter.83%, Shenzhen Component Index fell 4.49%, GEM index rose by 4.10%.Among them, the Shanghai Composite Index fell below 3,000 points, from 2,050 points at the end of last year to 2,750 points.At 3 points, it gradually decreased by about 300 points in the first quarter; the Shenzhen Component Index fell below 10,000 points, from 10,430 at the end of last year.77 points fell to 9962.3 points, a total of 468 points.The Growth Enterprise Market (GEM) indicated that it maintained its upward trend under the epidemic “Black Swan”.Since the beginning of February, the GEM index has risen continuously, quickly regaining the 2,000-point mark, and the highest rose to 2293 on February 25.46 points, a new high in nearly four years.Since then, it gradually began to close at 1871 on March 31.92 points.In other sectors, the small and medium-sized board refers to a gradual decrease of 1 in the first quarter.94%, Shanghai and Shenzhen 300 fell 10.02%, the largest decline in the Shanghai 50 index, reaching 12.20%.Overall, the performance of small-cap stocks is more stable.The A-share main index ranks top in the global stock market with a decline of no more than 10%, and the GEM index is unique against the trend.In contrast, for the US stock market, the Dow Jones Industrial Index fell 23 in the first quarter.At 20%, the S & P 500 fell 20.00%, the Nasdaq index fell 14.18%, the average decline of the three major stock indexes reached 19%.Among them, the Dow Jones Industrial Index reached a minimum of 18213 on March 23.65 points, which is more than 10,000 points lower than the February high.European stock markets are even more bleak than US stocks, and the FTSE 100 index fell 24 in the first quarter.80%, the German dax index fell 25.At 01%, the French cac40 index fell 26.46%, the three major indexes fell by more than 25% on average.In the Asia-Pacific stock market, the Nikkei 225 index fell 20 in the first quarter.04%, South Korea Composite Index fell 20.16%.In addition, the FTSE Singapore STI index fell 25.03%.Judging from the transaction situation, the average daily turnover of A-share and two cities in the first quarter was 859.8 billion, with a total of 49 transactions.87 trillion yuan, an increase of 47% in the past, the overall remains active.However, due to market adjustments, the cumulative net amount of capital going north in the first quarter exceeded 17.9 billion yuan.The concept stocks of masks rose significantly. Dawn shares harvested 18 daily limit epidemics. The impact on the stock market is obvious, and different industries have diverged.In the first quarter, the energy, finance, and real estate industries declined first, with an average decline of more than 10%, while healthcare and daily consumption industries saw growth.From the perspective of the concept segment, the concept segment of the wind mask gradually increased by 55 in the first quarter.98%, the pneumonia concept index also rose by more than 30%.From the perspective of individual stocks, the largest increase in the first quarter was Star Semiconductor, which increased by 784%; followed by Rockchip and Liangpin Shop, which increased by 443% and 422% respectively.Star Semiconductor was listed on the main board of the Shanghai Stock Exchange on February 4 this year, with an issue price of 12.It was 74 yuan, a daily limit for 23 consecutive trading days after listing, and closed at 160 yuan on March 6, an increase of more than 1000%.But then the Stars Semi-Conductor expected to fluctuate, closing at 112 on March 31.67 yuan.Among the top ten stocks that rose in the first quarter, there were 4 main board listed stocks, 3 science and technology board stocks, 2 GEM stocks, and 1 small and medium board stock.Among them, 9 stocks are new stocks listed this year, Dawn shares are the only non-new stocks.The growth of Dawn shares also stems from the concept of anti-epidemic, which is the largest manufacturer of medical mask cloth in China-polypropylene melt-blown material production enterprise.Since February 3 this year, Dawn shares have received a total of 18 rising stops, which has been 10 since the end of last year.69 yuan rose to 62, the highest point on March 10.5 yuan, up 480%.On March 31, the Dawn joint venture closed at 37.73 yuan, a gradual increase of 253% in the first quarter.The stock that fell the most in the first quarter was Boxin shares, which fell 60%; in addition, * ST Xinwei fell 53%, and Yanan Bicon fell 51%.Per capita loss of stockholders was 20,000 dozen, and the new highest income was 150,000. According to wind data, the end of March ended. There were 3793 listed companies in the stock market, with a total market value of 60.69 trillion yuan, a decrease of 3 from the beginning of the year.62 trillion.In terms of sub-sectors, the total market value of Shanghai A shares decreased by 3.04 trillion, the total market value of Shenzhen A shares decreased by 582 billion.However, the total market value of the GEM and the Science and Technology Board has increased, and the total market value of the GEM has increased by 273.6 billion to 6.41 trillion, the total market value of science and technology board increased by 285 billion to 1.16 trillion yuan.The increase in the total market value of the Science and Technology Board is mainly due to the continuous expansion of the market.A total of 24 stocks were listed on the science and technology board in the first quarter, and the number of stocks on the science and technology board has reached 94.If the per capita income of investors is calculated based on changes in market value, according to China Settlement Data, the number of investors who have opened A-share accounts as of February this year is 16045.170,000 people, calculate the per capita income of A-share investors in the first quarter of each year.250,000 yuan.From the point of view of new revenue, the highest gain in the first quarter of Starstar’s new revenue is also higher.After listing on February 4, it can reach the highest point of 163 on March 6.9 yuan, if the investor who holds the new winning sign holds up to this time, the maximum return of one sign can reach 15.120,000 yuan.In addition, the new revenue of the Science and Technology Board is still abundant.Among the new stocks listed in the first quarter, Huafeng Measurement and Control and Stone Technology had the highest profitability, and the biggest gain in the first signing was 13.630,000 yuan, 13.390,000 yuan.In addition, Oriental Biotech, Jiete Biotech, and Yinghantong ‘s three stocks have a maximum profit of over 60,000 yuan.How can the follow-up of A shares become a global safe haven?After entering April, European and American stock markets are still in decline.On April 1, the three major US stock indexes fell by more than 4.4%.European stocks also closed lower across the board.A shares remained relatively stable, with the three major stock indexes falling by less than 1% on April 1.On April 2, A-shares rose across the board.Can the A-shares remain “fixed” next?Qian Delong, chief economist of Qianhai Open Source Fund, said that the A-share market suffered a significant drop in the U.S. stock market in the early stage, and the Shanghai Stock Index fell from above 3000 points to more than 2,600 points, exploring the bottom of the market in recent years.As the global capital market stabilized and rebounded, and entered the second stage, the stock market was gradually reduced by the influence of the peripheral market. Recently, the sector represented by consumption and technology has begun to rebound.Especially in the consumer sector, because the impact of the epidemic on consumption is short-lived, once the epidemic has passed, there will be a retaliatory rebound in consumption, and consumer white horse stocks will usher in a better opportunity for recovery.The technology sector, which experienced a decline in the previous period, will also usher in a certain rebound opportunity.Founder Securities Research reported that the current macro-policy including monetary policy to release liquidity and fiscal policy to stimulate domestic demand constitutes a positive for the stock market, but also depends on the specific scale announced later.At the same time, there are also bearish factors in the stock market. The current epidemic is spreading globally and has not yet been curbed, affecting the orders of Chinese export companies and the substitution of financial market risks; the economic data and profit data of listed companies that will be disclosed in April in China may double the stock market.Therefore, after the macro policy hedges the losses after the epidemic, the stock market will be both positive and negative, or there will be a volatile market.Will A shares become a “safe haven” in global stock markets?Zhu Qibing, an analyst at BOC Securities, believes that since 2020, A-shares have maintained relative resistance and immunity against the backdrop of increased global stock market shocks. Therefore, only the internal and external epidemic trends have formed a contrasting interaction, and the market has become increasingly domestic.Severe counter-cyclical adjustments to loosen expectations in response to the impact of the epidemic.In the future, China’s economic fundamentals will determine whether A shares can truly become a safe haven for global capital.China ‘s anti-epidemic measures are quick and effective, the economic policy space is large and targeted, the advantages of RMB asset returns are obvious, and the economy ‘s room for maneuver to deal with external shocks hinders. These all reflect the importance of China ‘s economic growth and help to releaseA shares have the potential to become a safe haven for global funds.Sauna, Ye Wang Gu Zhijuan Editor Li Weijia Proofreading Li Shihui
The whole world, the world, the world, the world, the world, the world, the world, and the world愮殑骞叉灉锛屽悆璧锋潵鐗瑰埆閰哥殑寰堝彲鍙ｏ紝鏄緢澶氬皬瀛╁瓙浠殑鏈€鐖憋紝鑰屼笖閲戦挶妗旈ゼ鐨勮惀鍏讳环鍊兼瘮杈冮珮锛屼笉浠呬繚鐣欎簡姗樺瓙鍘熸湁鐨勮惀鍏讳环鍊硷紝杩樺叿鏈夋潃鑿屾鍜崇殑鏁堟灉锛屼笅闈㈠氨璁╁皬缂栨潵缁欏ぇ瀹朵粙缁嶄竴涓嬫楗肩殑鍔熸晥涓庝綔鐢ㄥ惂銆?It ‘s hard to tell the difference, it ‘s hard and hard, and the chains are so hard that you can read it, you can see it, you can see it, you ca n’t find it, you ca n’t find it, you ca n’t find it.ョ 洿 鎺 ヤ 綔 鐢 ㄤ 絬 浜 虹 It is said that the mustard is a mustard, a mustard, a mustard, a tea, a tea, a tea, a tea, a tea tree, a tea tree, a tea tree, a tea tree and a tea tree.This is the best way to do it. By the way, it ‘s a good idea to do it. It ‘s just a matter of time.What’s wrong?銆侀噾閽辨楗艰兘寤剁紦琛拌€侀噾閽辨楗间腑淇濈暀浜嗛噾閽辨鐨勫ぇ閮ㄥ垎钀ュ吇锛屽惈鏈変赴瀵岀殑缁寸敓绱燾杩欑鐗╄川涓嶄絾鑳芥秷闄や汉浣撳唴閮ㄧ殑澶氱鐐庣棁锛岃繕鑳芥粙鍏昏倢鑲わ紝澧炲姞鐨偆Long-term spine pick and pick-and-pick whispering and arguing for the perseverance of the adversity: the ruggedness of the world, the embarrassment of the world, the worms and the worms, the father and the mother, the key, the key, the key, the key, the key, the key, the key, the key, the key, the key, the key, the key, the key, the key, the key, and the key.How to make a marriage? How to make a marriage? How to make a difference? Do you have a shoulder to shoulder?Recognize the difference between the hard and the hard, the hard and fast, the hard work, the hard work, the hard work, the hard work, the hard work, the hard work, the hard work, the hard work, the hard work, the hard work, the hard work, the hard work, the hard work, and the hard work.In the meantime, there is a lot of sorrel, sorrel, sorrel, sorrel, sorrow, sorrow, sorrow, sorrow, sorrow, sorrow, sorrow, sorrow, sorrow, sorrow, sorrow, sorrow, sorrow, sorrow氱涓嶈芥湁鏄庢樉缂撹В浣滅敤锛屽畠涓嶄絾鑳芥秷闄ゆ皵绠′腑鐨勭値鐥囷紝杩樿兘绋€閲婄棸娑诧紝鎵╁紶姘旂锛屽姞蹇韩浣撳唴鐥版恫鎺掑嚭銆?銆侀噾閽辨楗艰兘鐤忚倽鐞嗘皵鐤忚倽鐞嗘皵涔熸槸閲戦挶妗旈ゼ鐨勯噸瑕佸姛鏁堜箣涓€锛屽畠瀵逛汉绫荤殑鑲濋儊姘旀粸浠ュ強鑳歌倠鑳€鐥涢兘鏈夋槑鏄剧紦瑙ｄ綔鐢紝骞虫椂闇€瑕佹椂锛屽彲浠ユ妸鍔犲伐濂界殑閲戦挶妗旈ゼ鐢ㄦ哺姘村啿娉′互鍚庨ギ鐢紝鏈€鍚庢妸閲戦挶妗旈ゼ鍚冧笅鍘诲氨鍙互銆傞櫎姝や互澶栵紝閲揦 挶 嗗 旈 ゼ 撿 慿 兿 Qi 冭 幑 少少 經 揑 經 少少 揑 經 揑 經 少少 經 少少 經 揑 Economical 囀 尀 悊 姘 旇 烮 侊 纴 瀵 進 進 握 繡 粡 粡 繡 進 选 揉 繉 繉 繉 尉 珀 William鏈夊緢濂界紦瑙ｄ綔鐢ㄣ€?
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[Efficacy and Function of Bazhen Decoction]_Bazhen Decoction_Nutrition Value_Assumption
Bazhen Decoction is actually of high medicinal value. The main formulas include ginseng, white Poria, Angelica, Chuan Gong, Bai Zhi, Shu Di, Licorice, etc., which can effectively improve the coldness of hands and feet, pale sleepiness, and fatigue.It also has a good conditioning effect on menopausal Qi deficiency.
First, Bazhen Decoction formula is 9g ginseng, 9g atractylodes, 9g white poria, 9g angelica, 9g chuanxiong, 9g white peony, 9g cooked land, 5g licorice.
The modern recipe of Bazhen Decoction is improved. Here is a better recipe: 6g of Codonopsis, 10g of Atractylodes, 9g of Poria, 6g of licorice, 20g of cooked ground, 20g of angelica, 10g of chuanxiong, 10g of baijiu, 10 grams of jujube (2-3), 5 grams of ginger.
2. Bazhen Decoction What people can’t drink Bazhen Decoction is composed of 8 kinds of traditional Chinese medicine.
Some people think that Bazhen Decoction is yin-yin and tonic is best for autumn and winter, but it is not suitable for everyone.
The following people are not allowed to drink Bazhen Soup: 1. When catching a cold: It will aggravate the cold symptoms or produce other symptoms.
2. During menstrual cramps: It will increase blood gas circulation, increase menstrual blood volume, and cause severe blood collapse when severe.
3, those with spleen and stomach deficiency are not suitable for taking, should first use Lizhong Decoction to regulate the spleen and stomach deficiency.
People with hot and humid constitution are not suitable to take it.
Third, Bazhen soup is suitable for the crowd Bazhen soup is suitable for the following people, cold hands and feet in winter, people who are afraid of cold; pale, yellowish, short of breath, lazy.
Those who are prone to fatigue, lethargy, fatigue, and sweating; Anemia, low menstrual flow, dizziness during standing, and dizziness and headache during menstruation.
Qi and Blood Deficiency Menstrual Irregular Ms .; A Lady Ready to Carry a Child;
A woman who has had a miscarriage due to weakness of blood and qi;
Ms. Zhu Yanbeauty, Ms. Breast Enhancement; Ms. Menopause.
[Can potatoes and eggs be eaten at the same time]_ diet conditioning _ diet taboo
Potato is a relatively common vegetable. Potatoes are soft and waxy and can be used with many foods. Whether it is stewed meat or fish stewed, potatoes are perfectly combined, because potatoes are starchy, and there are no contraindications.Note that most people will find that potatoes and eggs don’t match at all, but some people will eat these two together. Can potatoes and eggs be eaten at the same time?
Measures: Prepare potato chips (soak in water to prevent oxidation), cut small pieces of onion, and black bean paste.
Pour the oil in a hot pan, fry the onions, and add the potato chips.
Fry for a while and cook in a small amount.
If the potato chips are soft, it will be OK.
Special reminder, cut potato chips evenly and thinly.
Duck eggs can be used, so a small amount of rice wine should be used to make fishy when scrambled eggs.
Duck eggs are sweet and sweet, with protein and eggs comparable, and more minerals than eggs, especially iron and calcium.
Can prevent anemia and promote bone development.
Duck eggs can also be supplemented with vitamin B2.
Traditional Chinese medicine believes that duck eggs have a large tonic effect, nourish yin and nourish blood, and nourish lungs and skin.
Special reminder, duck eggs should not be eaten with catfish, plums and mulberries.
Nutritional Analysis Potatoes contain starch, protein, trace amounts, carbohydrates, 21 amino acids and vitamins B1, B2, B6, C and carotene, cellulose, calcium, phosphorus, iron, potassium, sodium, iodine,Magnesium and molybdenum.
The nutritional content of eggs is quite rich.
It contains protein, trace amounts, vitamins and inorganic salts, enzymes and more.
[How to eat lamb chops in the summer]_Summer_Production method
On hot summer days, the food that people often like to eat is barbecue.
Cold beer and barbecue are the most beautiful food.
And some people like the barbecue to eat lamb chops, because the meat of the lamb chops is the most delicious.
Therefore, it is loved by many people, but there are many ways to eat lamb chops, so in summer, the weather is very hot.
So grilled lamb chops are very popular.
But you should pay attention to the issue of grilled lamb chops.
So how to eat lamb chops in the summer?
Curry Lamb Chops Ingredients: Lamb Chops, Curry, Shiitake, Beer, Salt, Sugar, MSG.
Production method: first drain the sheep into the pot, do not put oil in the pot.
Just pour it into the lamb chops.
Then fry over high heat. When the lamb chops are a bit close-up, add curry (you can add more curry), salt and sugar.
Then pour into the beer, which covers the lamb chops.
Burning in high fire.
Just dry the beer.
Spicy red wine roasted lamb chops: 1 kg of special lamb ribs, 20 grams of Italian penne pasta (PENNE), 6 green asparagus, 4 drops of Abasco chili sauce, 2 teaspoons of chili powder, 2 tablespoons of brown sugar, red wine vinegar1.
5 tablespoons, 2 tablespoons of tomato sauce, 2 teaspoons of salt, 1 cup of water, 1 tablespoon of olive oil, 1 cup of olive oil, red wine
Mix the ingredients evenly and marinate the ribs for about half a day or a day2.
Cook the macaroni with a sharp tube in boiling water and set aside until cold 3.
The whole green asparagus is scalded, wait for the cold 4.
Fry the lamb ribs in a hot pan with olive oil, add red wine, and fry over medium heat for 3 minutes5.
Preheat the oven, and cook the cooked lamb ribs in a 220 ° C oven for 15?
20 minutes 6.
Heat the marinated sauce in a frying pan of lamb ribs, collect the dried juice on a medium heat, and convert to thick 7.
Take out the lamb ribs, place macaroni and clear asparagus on the edge of the plate, drizzle the sauce and paprika and serve.
Ingredients for Braised Lamb Chops: 750 grams of lamb chops, 100 grams of radish, red dates, spring onions, ginger, coriander, soy sauce, pepper, chili sauce, salt, cooking wine, monosodium glutamate, peanut oil, water starch.
Production: ① Wash the lamb chops and cut into sections, wash the radishes and cut into pieces, and wash and cut the parsley.
② Add boiling water to the boil, add lamb ribs and radish and cook, remove after cooking.
③ Fill the wok with oil and heat. Put the onion and ginger in a hot pot, add hot pepper sauce, red dates, old soy sauce, sugar, pepper, and an appropriate amount of water. After boiling, put the lamb ribs. Slowly cook until cooked.Sprinkle the parsley segments and turn the pan out.
Features: Lamb is crispy and delicious.
Ingredients for sesame lamb chops: lamb chops, sesame, salt, chicken essence, cumin, paprika, salt and pepper, starch, eggs, ginger, garlic, chili sauce, salad oil.
Drain the lamb into the cold water pot, add the onion ginger garlic, boil over high heat, cook the lamb chops with a low fire, then take it out and pick off the net meat; 2.
2. Pat the removed mutton with starch, hang the beaten egg paste, and dip it in sesame for later use; 3.
4. Pour the salad oil into the cooking pot. When it is 70% hot, add the prepared mutton, fry it until golden brown, and put it on the plate with a knife. 4.
Mix cumin, pepper noodles, salt and pepper, and dip.
Ingredients for Tieguanyin roasted lamb chops: 500 grams of lamb chops, 10 grams of Tieguanyin, soy sauce, rice wine, and pepper.
Method: 1. Peel the lamb chops, cut into 6 pieces, wash them, pat them flat with the back of a knife and set aside.
2. Add soy sauce, rice wine, pepper to the lamb chops, and marinate for 2 hours.
3. Drain the pickled lamb into the oven, remove it and place it on the plate.
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New City Holdings (601155): The top ten scale and profit symbiosis in the industry
Event: The 2018 annual report disclosed by the company, the cumulative contract value is about 221.1 billion, an increase of about 75% in one year, exceeding the sales target of 180 billion in 2018, and the top ten in the industry sales segment.
The company’s sales target for 2019 is 2700 trillion, with a target growth rate of more than 20%.
The company’s operating income in 2018 was 54.1 billion yuan, an increase of about 34% year-on-year; net profit attributable to its mother was 104.
900 million, an increase of about 74% in the same period, revenue and sales have achieved growth, high growth continued to highlight.
The company’s gross profit margin is 36.
7%, with a net profit of 22.
6%, average average return on equity is 41.
9%, are in the leading position in the industry.
In terms of commercial real estate, the company achieved rental and management fee income in 201821.
1.6 billion, an increase of 107% in ten years, with an average occupancy rate of 98.
In 2019, the company plans to open 22 new Wuyue Plazas with a total revenue of more than US $ 4 billion and continue to maintain rapid growth.
Excellent land-holding ability and balanced national distribution.
In 2018, the company added land storage surface 4473.
240,000 countries, 2 of the area sold in the same period.
6 times, the amount of land taken is 1,112 trillion, which is about 50% of the sales amount in the same period.
The company’s total soil reserves exceed 100 million cubic meters, exceeding the company’s sales requirements for the next three years.
The average floor price is 2,330 yuan / square meter, which is only 19% of the average selling price at the same time. The company’s “two-wheel drive” strategy effectively reduces the cost of land acquisition and ensures that the company’s profitability remains high.
Net operating cash flow turned positive and net debt ratio decreased.
The company’s net cash flow from operating activities in 2018 was 38.
1.7 billion, positive.
Net corruption coefficient 49.
21%, down 18 units from 2017.
The company actively expands various financing channels, and the overall average financing cost is only 6.
47%, which is at a low level among private housing companies, and it is a rare event in 2018 to deleverage and tighten financing channels.
The company’s dividend payout ratio reaches 32.
1% for two consecutive years, maintaining a dividend level of more than 30%.
Maintain “Buy” rating.
The EPS is expected to be 6, 2019, 2020 and 2021.
3 yuan, 8 yuan and 9.
The current contradiction corresponds to a PE of 5 in 2019, 2020 and 2021.
8 times, 4.
5 times and 3.
7 杭州夜网论坛 times.
Risk warning: industry policy adjustments continue to tighten; monetary policy tightens faster than expected.
AVIC (002179) 2019 Interim Report Review: Reversed and Reconfirmed Results Meet Expectations
Investment Highlights The company released its 2019 Interim Report: Revenue 45.
97 ppm, an increase of 28 in ten years.
23%; net profit attributable to mother 5.
73 ppm, an increase of 23 in ten years.
13%; net profit after deduction 5
60 ppm, an increase of 22 in ten years.
87%; non-recurring gains and losses 0.
1.3 billion, including 0 government subsidies.
Orders in the defense and civilian products markets continued to grow rapidly, and revenues increased simultaneously.
2019Q1 realized revenue and net profit attributable to mothers21.
3.3 billion, an increase of 45 each year.
14%; Revenue and net profit attributable to mothers in the second quarter of 201924.
4 billion, an increase of 15 each year.
14%; an increase of 13 from the previous month.
The average revenue of Q2 and the net profit attributable to mothers hit a record high. The quarterly growth rate Q1 has declined. The high base in Q2 2018 is an important factor.
From 2013 to 2016, the company’s revenue and net profit attributable to mothers increased at a rate of more than 20% simultaneously.
Affected by factors such as the military reform in 2017, the company’s net profit growth rate dropped to more than 10%; in 2018, it slowly recovered, gradually revenue, and performance growth recovered to more than 15%; in the first quarter of 2019, bothAchieved a growth of more than 20%, and the transformation trend was reconfirmed.
Since 2017, the company’s gross profit margin and net profit margin have increased, but the amplitude trend has slowed down. The gross profit margin and net profit margin of 2019H1 are 33.
25% and 13.
44%, it is estimated that 杭州桑拿 the whole year of 2018 has picked up.
The parent company’s 2019H1 revenue is 36.
37 trillion, accounting for 79 of the total revenue of the consolidated statement.
12%, an annual increase of 31.
48%; net profit 5.
43 trillion, accounting for 87 of the net profit of the consolidated statement.
86%, an increase of 20 per year.
The revenue growth rate is higher than the consolidated statement, and the net profit growth rate exceeds the consolidated statement, which is mainly due to the decline in the parent company’s gross profit margin and the continuous increase in R & D expenditure.
Earnings forecasts and investment advice.
In the next few years, the company will make great efforts to develop military and civilian products with huge growth potential.
We adjust our profit forecast for the company and expect the company’s net profit for 2019-202111.95, 14.
70 ppm, corresponding to the closing price of PE on August 23 is 35/28/24 times.
The company issued 1.3 billion convertible bonds in 2018. If all conversions are considered, the share capital will be increased.
4.2 billion shares, with a total equity conversion of 10.
7 billion shares, corresponding to 36/30/25 times the PE, maintaining the level of “prudent increase”.
Risk warning: revenue recognition lags behind order growth; gross profit margin restructuring; weak capacity organization, and performance releases fall short of expectations.
Rising Technology (603601): Layout of Chaoyang Industry Expects High Growth
Rising Technology: Fast-growing domestic fiber glass wool and product faucet Rising Technology is a domestic microfiber glass wool and 西安耍耍网 product faucet, with obvious advantages in technology research and development and industrial chain integration. The company’s 2018 filter paper, purification equipment, VIP core materials and insulationRevenue from energy-saving products accounted for 27%, 37% and 31%, respectively.
In the company’s history, the company mainly achieved internal growth through expansion of production capacity, and achieved initial industrial chain extension through mergers and acquisitions. Benefiting from the market’s increasing demand for air purification and energy conservation and emission reduction, its performance continued to grow rapidly for a long time. EPS 0 is expected in 19-21.
49 yuan, a year-on-year increase of 32% / 29% / 27%, with a target price of 8.
59 yuan, the first coverage given “overweight” rating.
Clean air field: The layout of the entire industrial chain of “raw cotton-filter paper equipment” benefited from the downstream high economic prosperity as the domestic leader in the production and sales of filter paper. The company has two research institutes, the Fiber Research Institute and the Papermaking Institute, with outstanding technical research and development capabilities. The proportion of technical personnel in 201817%, which is higher than other domestic fiberglass and product companies. In 17 years, through the acquisition of Youyuan Environment, it invested in Shenzhen Zhongfang, opening up the entire industry chain of “raw cotton-filter paper-equipment”.
Benefit from B-side clean room (semiconductor, panel, pharmaceutical, food and other industries) investment high boom + C-end consumption, health awareness upgrade, demand for air purification equipment has steadily increased, driving high growth in purification equipment revenue; considering filter paper 0.
In the 0-year replacement cycle, the continuous growth of industrial and civilian air purification equipment will drive an increasingly large filter paper stock market. Combined with the company’s capacity expansion plan, we expect the company’s filter paper business to have a CAGR of 25% in 19-21.
VIP core materials: downstream cold chain circulation rate increase + VIP core material penetration rate increase two-factor-driven growth At present, the application of VIP boards is mainly concentrated in the three sections of refrigerators and freezers, cold chain transportation, and building pipe insulation.
It is then promoted to be one of the domestic companies that initially produce VIP core materials, with both scale, technology and cost advantages.
Considering that the previous cold chain industry is still in its infancy, the cold chain circulation rate was only 19% in 2017, and the penetration rate of the internal VIP board in the refrigerator was only 3%. The replacement index is much lower than Japan. It was released in June 2019.The “Green and Efficient Refrigeration Action Plan” clearly sets out the development goals of the refrigeration industry. By 2022 and 2030, the market share of green and efficient refrigeration products will increase by 20pct and 40pct respectively on the basis of 2017. The prospect of VIP core materials driven by policiesBroad, combined with the company’s capacity expansion plan, we expect the company’s VIP core material business to have a CAGR of 36% in 19-21.
AGM segment: industry shuffle, high-quality products usher in development potential AGM segment is an important part of lead-acid batteries. In 18 years, China ‘s lead-acid battery production accounted for 45% of the world. The promotion of start-stop batteries will further increase the AGM separator.Demand, we judge that technology will play a more important role in future competition. On May 29, 19, the company reached a long-term exclusive exclusive sales framework agreement with the industry leader Microporous to break through AGM in developed regions such as Europe and the United States.Regional market share will further increase.
It is expected that the compound annual growth rate (CAGR) of net profit will be 29% in 19-21. The first coverage will be given to the “overweight” rating.And performance will maintain rapid growth, EPS0 is expected in 2019-2021.
49 yuan, corresponding to CAGR 29%, using the growth stock PEG estimation method, the company is given a 29-32x target 2019E PE (1-1.
1x target 2019E PEG), corresponding to a target price of 8.
59 yuan / share, for the first time, it will be given an “overweight” rating.
Risk Warning: The cost of raw materials rises more than expected, the growth rate of demand is less than expected, and the risk of litigation.