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Month: March 2020

Tianfeng: Trading volume + Liangrong both have a great opportunity to break through trillions of brokerage stocks

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Tianfeng: Trading volume + Liangrong both have a great opportunity to break through trillions of brokerage stocks

Original title:[Tianfeng Non-Silver]Trading volume + both financial and financial breakthroughs in trillions, brokerage stocks have a great opportunity to earnestly grasp!

  [Broker stocks have not yet reflected the improvement in performance brought about by increasing market activity. Follow-up performance, interest rates, and policy averages will constitute upward momentum.]1. The transaction volume of the Shanghai and Shenzhen stock markets has reached a new high for the year and 杭州夜网论坛 is expected to achieve significantly higher expectations!

Since February, the average daily turnover of Shanghai and Shenzhen has reached 852 billion yuan, + 22% month-on-month and + 45% in ten years. The turnover of the two cities has reached the trillion level.

After calculation, it is assumed that the trading volume of the two cities is maintained at 850 billion yuan, and the performance increase is 9.9 billion yuan, accounting for 7 of the 20-year net profit of the securities industry.

6%.

  2. The balance of Liangrong Finance continued to rise, and the daily average scale increased by more than 130 billion compared with 19 years!

As of February 18, the balance of Liangrong was 1075.2 billion, a new high since the 15-year bull market.

From 2020 to the present, the average daily surplus of the two financial institutions is US $ 104.49 billion, a significant increase of US $ 133.3 billion compared with 19 years, an increase of + 15%!

The preliminary daily average earnings of the two financial markets are expected to rise above 1.

2 trillion level, + 32% for the whole year!

  3. IPO, refinancing, M & A and restructuring are all good. In 2020, it must be a big year of equity financing, and investment banking business income is expected to increase by + 20% to 66.2 billion.

Asset management business de-channeling has limited marginal impact on performance. Last year’s performance is expected to be 28.9 billion yuan, an annual increase of 8%.

  4. It is estimated that the improvement of securities companies stems from the improvement of loose liquidity and superimposed equity market policies.

The epidemic situation has resumed the downward trend of risk-free interest rates, while interest rates have reduced the performance and estimates of brokers, and reduced the costs borne by brokers.

Favorable policies for equity financing come out frequently (refinancing + mergers and acquisitions reorganization + spin-offs, etc.). The follow-up policies mainly include the GEM registration system, the transfer financing system, and the addition of commodity and financial financing budget products.

  5. The 20-year industry performance is expected to be 14.3 million yuan, + 24% per year.

The estimation is still below the historical center. At present, the average valuation of the securities industry2.

0x PB, the median historical industry estimate is 2.

4x PB (2012 to present).

The birth of an aircraft carrier-grade brokerage is an important industry trend, and the survival dilemma of small and medium-sized brokerages will become more significant.

In 2020, we will unswervingly recommend Huatai Securities (1.

4x dynamic PB), CITIC Securities (1.

7x dynamic PB), Guotai Junan (1.

3 times dynamic PB)!

  We expect the follow-up securities stocks to take place at the end of October 2018. Actively grasp!

Depth-Company-Goer Share (002241): Smart Headphone Business Has High Growth in Third Quarter

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Depth * Company * Gol (002241): Smart headset business has high growth in the third quarter

Recently, the company released the third quarter report for 2019: the first three quarters, achieving revenue of 241.

340,000 yuan, an increase of 56 in ten years.

23%; realized net profit attributable to mother 9.

85 ppm, an increase of 15 in ten years.

04%; single quarter revenue of 105 in the third quarter.

59 ppm, an increase of 50 in ten years.

38%, net profit attributable to mother 4.

61 ppm, an increase of 12 in ten years.

13%.

  Key points of support level The smart wireless headset and smart wear business have experienced high growth, and their third-quarter results are impressive.

The company’s third quarter report shows that the single quarter revenue in the third quarter increased by 50 per year.

38%, net profit attributable to mothers grows by 12.
.

13%, net profit after deducting non-attributed mothers increased by 66 every year.

05%.

The high growth expectations for the third quarter are: 1) The growth of trading platform and wearable products business will drive high revenue growth.

2) The continued improvement in the yield rate of TWS headphones drives the improvement of overall profitability.

In the third quarter, the company’s gross profit margin was 16.

85%, an increase of 2 from the previous quarter.

17 averages with a net margin of 4.

37%, an increase of 0 from the previous month.

30 units.

According to the 杭州桑拿网 disclosure in the third quarterly report, it is expected that the initial net profit range for mothers in 2019 will be 11.
.

71-13.

4.5 billion, an increase of 35% -55% in ten years.

Strong demand for TWS will help future performance growth.

Benefiting from the strong demand for TWS products, the company has full TWS orders and its capacity utilization rate has remained high.

Advanced and advanced automation team push, the company has obvious advantages in the improvement of production process upgrades, product yield and efficiency continue to improve, has now reached the leading level.

In September 2019, the company issued a public issuance of convertible bonds, with a fundraising scale of no more than 4 billion, and 2.2 billion invested in binaural true wireless smart headset projects.

  Strong demand for TWS products is expected to provide the basis for the company’s performance growth over the next two years.

5G commercial + content is mature, AR, VR are gradually mature.

The company’s VR machine business has a leading market share and is also preparing for AR, including investment in optical waveguides and optical machine modules.

In the convertible bond plan released in September, the company plans to spend 1 billion US dollars in value-added funds for AR / VR and related optical module projects.

随着5G 的商用,以及AR\VR 内容应用场景的丰富,公司的VR\AR 业务有望成为公司未来业绩增长的重要动力。  It is estimated that the company’s TWS production line yield continues to increase in the third quarter, and TWS demand is strong, which is expected to contribute to higher performance growth. We adjust the company in 2019?
EPS to 0 in 2021.

37, 0.
58, 0.

68 yuan, the current sustainable corresponding PE is 50X, 32 X, 28X, maintain BUY rating.

  The main risks facing the rating are that the price of acoustic products has fallen more than expected; TWS demand has fallen short of expectations; AR / VR landing has fallen short of expectations.

Shiji Information (002153) Semi-annual Report Commentary: Cloud Business Growth Brightly Concerned About PMS Landing of Head Customers

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Shiji Information (002153) Semi-annual Report Commentary: Cloud Business Growth Brightly Concerned About PMS Landing of Head Customers
The event company achieved operating income of approximately 15.2 ‰, an increase of about 21% in ten years, and a net profit of about 2%.1 ppm, a ten-year increase of 2.12%. The growth rate of cloud business reached 119%, and it is expected to achieve triple-digit growth in overseas operating income1.63 million, an increase of about 80% a year.We expect it to be mainly related to the rapid growth of subscription revenue brought by the continuous launch of cloud POS.According to the announcement, in June 2019, the company’s SAAS business realized a monthly repeatable subscription fee (MRR) of 1981.09 million yuan, an increase of 118 in ten years.8%, the average renewal rate is about 90%.Considering that the cloud POS will continue to be launched in related property customer stores, we are optimistic that the company’s cloud business will maintain a three-digit high-speed growth trend in 19 and 20 years. The main business profit was in line with expectations. The high growth of the platform business hedged against the pressure of domestic hotel competition. The company was in the critical period of transferring to the cloud (R & D expansion increased by 51%).Looking at the breakthrough, the domestic business of the core business increased by about 10%, and the gross profit margin dropped by 1.Seven levels are mainly related to the intensification of domestic competition.The platform business is full of bright spots, which effectively hedged the growth pressure of domestic hotel business.Among them, direct-connected payment business grew by 48% per year, and scheduled platform traffic increased by 36% per year. Aim at the global hotel cloud 无锡夜网 business leader and focus on the target customer PMS.According to the announcement, the company continued its layout in the first half of the year, acquiring Quick Check, Touchpeak, and ICE Portal to strengthen the hotel payment and visual content business.Cloud POS has successfully landed. We are optimistic that the cloud business has successfully entered the core business system PMS of the customer on the right.Complete solution capabilities, UI experience design with Chinese manufacturers’ advantages, and cloud-native technical institutions have become the company’s strengths. Based on this, we maintain the company’s net profit forecast for motherhood for 2019-20215.49/6.59/7.89 trillion, maintain the company’s EPS forecast for 2019-2021 0.51/0.62/0.74 yuan per share, giving the company a target market value of $ 40.4 billion. 北京夜生活网 Risk reminder: Cloud business development is less than expected; competition in overseas cloud business market is intensified; trade war affects overseas business growth

CPIC (601601): Conversion pain is still to be digested after the agent’s bonus disappears

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CPIC (601601): Conversion pain is still to be digested after the agent’s bonus disappears

Event: CPIC disclosed its 2019 third quarter report, reporting and realizing operating income of 3112.

26 ppm, a ten-year increase of 7.

4%; net profit attributable to mother 229.

140,000 yuan, an increase of 80 in ten years.

2%.

Earnings per share 2.

53 yuan, an annual increase of 80.

2%; ROE 14.

2%, an increase of 5 per year.

2pct.

Opinion: The report indicates that the company’s net profit attributable to mothers increased by 80%.

2%, there are three preliminary points: 1.

Growth in premiums (life insurance 5.

0%, property insurance 12.

9%); 2.

Increase in investment income (28.

3%); 3.

One-time benefits from tax cuts (48.

8.1 billion).

Although the net profit returned to the mother in the third quarter still achieved high growth, the growth rate has improved and narrowed earlier.

In the case that the investment income growth rate has absolutely no obvious change (the third quarter added value of 28.

7%), we can find that the short-term repetitive impact of the life insurance transition on the company is still fermenting.

After the agent’s bonus gradually disappeared, and the launch of Circular 134, the company’s life insurance premium income has grown significantly since 2018. This year, life insurance has comprehensively promoted value transformation. The change in the double number of agents and the marketing strategy of the starter has accelerated the transitionThrobbing.

From the data point of view, the initial life insurance premium income reported is increasing by 5 per year.

0%, compared to earlier 5.
南京桑拿网

6% narrowed further; the new agency premium interval for agent channels was 12.

3% (mid-10.

1%), with a premium payment interval of 18%.

6% (mid-16.

1%).

Judging from the trend of premiums, the adjustment and adjustment of life insurance still takes time.

Below the ranking, the data on property and casualty insurance, which is also in the transition period, is gratifying. The premium income in the first three quarters has increased every year.

9%, ranking second among the listed insurance companies, only slightly lower than PICC’s 13.
.

0%.

Among them, the proportion of auto insurance dropped to 4pct to 67%.

Against the background of the country’s growing support for agricultural insurance policies, the company relies on Anxin’s agricultural insurance platform to vigorously develop its agricultural insurance 合肥夜网 business, and agricultural insurance has become the company’s second largest insurance category.

It is expected that the gradual transformation of the company will continue to advance, and the company’s property and casualty insurance business structure will become more complex and the ratio will become more reasonable. With its comprehensive cost ratio advantage, agricultural insurance will expand its business share and further reduce the comprehensive property and insurance cost ratio.
From the perspective of the investment side, in the third quarter, the company seized the opportunity of the recovery of the equity market and continued to increase the proportion of equity assets allocation. At the end of the reporting period, the proportion of equity investment assets increased by zero compared with the half-year period.
8 points to 14.

5%, of which shares, equity-based and debt-based accounted for a total of 8.

9%, an increase of 0 from the end of the first half.

5pct; fixed income assets accounted for a decrease of 0 compared to the end of the six months.

4pct to 82.

2%.

The strategy adjustment effectively improved the return on investment, and the total return on investment increased by 0 from the beginning.

3 points to 5.

1%, the net investment rate of return increased by 0 compared to the earlier period.

2 points to 4.

8%.

Investment suggestion: Although the company has experienced transformation pains, the medium and long-term investment logic is reorganized. It is expected that the conversion agent will improve the quality and efficiency. The new life insurance orders in 2020 are expected to increase in quantity and quality.And the comprehensive cost rate is “one rise and one drop.”

We remain firmly optimistic about the company’s operating prospects. It is expected that the company’s net profit attributable to its mothers in 2019-2021 will be 249.

300 million, 265.

700 million and 281.

500 million, corresponding to 2 EPS.

75 yuan, 2.

93 yuan and 3.

11 yuan, maintaining the “recommended” level.

Risk reminders: Downside risks to the domestic economy; risks of intensified trade disputes between the US and China; risks of declining capital market conditions; risks of stricter than expected financial supervision; risks of weaker than expected liquidity; and risks of poor performance.

Perfect World (002624) 2019 Semi-annual Report Review: Performance Growth Exceeds Market Expectations Waiting for High-Quality Works to Work Again

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Perfect World (002624) 2019 Semi-annual Report Review: Performance Growth Exceeds Market Expectations Waiting for High-Quality Works to Work Again

Investment highlights: Event: On August 9, the company released its 2019 semi-annual performance report, and achieved operating income of 36 in the first half.

56 trillion, a year down 0.

29%; excluding the impact of the divestiture of the cinema business in 2018, the actual revenue in the first half increased by 1深圳桑拿网2%.

44%.

In addition, the company’s net profit attributable to its mother in the first half of the year was 10.

180,000 yuan, an annual increase of 30.

5%, exceeding the performance forecast upper limit, and the performance exceeded market expectations.

  Opinion: The game business continued to develop strength, and the film and television business performed well.

In terms of business, the company’s gaming business revenue increased by 8 in the first half of the year.

06%, mainly driven by the super IP “Perfect World”, the new IP “Cloud Dream Four Seasons Song” and other boutique mobile games.

Among them, according to the calculation of gamma data, “Perfect World” had a turnover of up to 1 billion U.S. dollars in the first quarter, which contributed to a steady rise in performance.

In terms of film and television, excluding the impact of the alternative theater business in 2018, the company’s film and television business increased its actual revenue in the first half of the year.

25%, slightly faster than expected.

We believe that the company’s film and television business can still stand out in the face of severe film and television regulation, mainly due to its dedicated upstream production strategy.

In the first half of the year, the company launched a number of high-quality film and television dramas, such as “Little Girl Flowers Never Give Up”, “Youth Fight”, “While We Are Young”, and gained better traffic and reputation.Many mainstream media praised it, further highlighting its strong content production capabilities.

  Profitability continued to improve, and expenses improved during the period.

The company’s gross profit margin reached 68 in the first half of the year.

58%, at least 9 indicators have been improved, and the profitability has continued to strengthen, mainly due to the division of the theater business. The use of authorized operations in some games has led to a significant decrease in operating costs22.

48% affected.

In terms of period expenses, the company’s period expenses were 39 in the first half of the year.

92%, a year down by 0.

97 budgets, overall cost control is better.

Among them, since two new mobile games were issued by Tencent this year, the company’s publicity expenses have decreased, which has led to a decline in the sales expense ratio.

75 averages.

The management expense ratio and financial expense ratio have been increased by 1 respectively.

41 facts and 0.

37 averages.

  The second repo showed confidence.

The company announced on August 7 that it plans to repurchase company shares at no more than 36 yuan / share, and the repurchase amount is not less than 3 trillion and not more than 600 million yuan. This is after the completion of the share repurchase in July 2019.Second share repurchase.

We believe that the second repurchase fully demonstrates ample confidence in the company’s prospects; at the same time, the repurchased shares will be used to allocate incentives or employee shareholdings, and by gradually binding the interests of employees and the company, they will gradually stimulate the enthusiasm and creativity of employees.

  Follow-up works are worth looking forward to.

As of August 11, the company added 3 mobile games that have already obtained version numbers, namely “The Condor Heroes 2”, “Dream Collection Cygnus” and “My Origin”. The related works are scheduled to be popular, and it is expected thatRecently launched.

Among them, “My Origin” is exclusively represented by Tencent. Currently, the number of reservations has reached 6.94 million. Under the rich experience of Tencent’s huge traffic entrance and the creation of online celebrity games, the success of the explosion can be expected in the future, and it is expected to inject new revenue into the second half of the year.power.

  Investment advice: Maintain a cautious recommendation level.

The company’s EPS for 2019-2020 is expected to be 1.

63 yuan and 1.

84 yuan, corresponding to PE is 14.

5 times and 12.87 times.

  Risk warning: policy change, product advancement is less than expected, equity pledge risk, etc.

Angie Yeast (600298) In-depth Report: The Global Layout Needs Broad Bonus

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Angie Yeast (600298) In-depth Report: The Global Layout Needs Broad Bonus

Yeast “hidden champion”, performance estimation storage repair space According to the latest opinion of the Guoxin strategy team, it is predicted that the future market characteristics may be very good from the current ROE but estimated to be a more expensive “value leader” and spread to the second-line “hidden champion”.

Angie Yeast has an absolute leadership of 55% in the domestic yeast industry, ranking third in the world, and is expected to overtake the second next year; it will focus on the B-side business, the C-side will continue to develop, and its revenue and profitability will be stable. ROE in 2017It has been stable at more than 20% every year, and there is room for improvement after domestic productivity gradually improves, meeting the “hidden champion” standard. The company’s current forecast is at a historically low level, and there is room for upward 杭州桑拿 repair.

The long-term demand space is large, and the short-to-medium-term improvement factors are sufficient. In the long term, based on the broad basic market demand and the technology reserve and development strategy of multiple yeast derivatives, Angie promotes the penetration of the blank market that is doubling in the downstream application areas of the yeast industry and achieves stablePerformance growth; in the short to medium term, the domestic and overseas capacity distribution that has been completed and climbed in the early stage will continue to provide the company with economies of scale, convenient costs and preferential tariffs, and continuously optimize profitability and increase capacity utilization; adverse factors that suppress the gross profit in the early stageHas gradually subsided.

Under the optimization of the industry scale, the combined company’s increasing bargaining power for raw material procurement and product price increase capabilities are expected to continue to improve short-term performance. It is expected that revenue will increase by 15% and profit growth will be higher than revenue growth.

The advantages of the global layout leader are prominent, and the company is steadily moving towards the target of ten billion US dollars. The domestic leader of yeast is prominent, and its international business is developing rapidly.

With the acceleration of the global strategic process, An Qi is expected to enter Southeast Asia, South America and other regions to achieve global distribution.

With the upgrading of the derivative structure centered on YE and the improvement of internal competition, product price increase space will promote the company’s revenue and price to rise steadily.

At present, the company’s operations are stable, and the senior management team is expected to maintain stability after the chairman’s replacement, and gradually move towards the “international and professional” biotechnology company in accordance with the company’s established strategic goals.

Risks: production capacity expansion risk; raw material cost fluctuation risk; food safety risk.

Estimates and investment recommendations.

As a global leader in the yeast industry, the company has long explored the advantages of yeast biotechnology, formed a benign development of multiple categories, has a large demand space, has a stable improvement in production capacity, maintained a low cost, and expects strong price increases to contribute to performance gains.

Increase 2019-2021EPS to 1.

22/1.

44/1.

66 yuan, corresponding to 24/20/17 times PE, combined with relative estimates and absolute valuation judgments, given 24x-25xPE in 2020, one-year target income of 34.

6-36.

0 yuan, according to the current budget, there is 20% room, maintain the “Buy” rating.

Huasheng Tiancheng (600410): Cooperate with Huawei to build in-depth emergency management cooperation

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Huasheng Tiancheng (600410): Cooperate with Huawei to build in-depth emergency management cooperation

Event: According to the financial industry information report, in September this year, Huawei and Huasheng Tiancheng and Herun Technology reached 深圳spa会所 a cooperation and will launch a full range of exchanges and cooperation in the field of fire emergency response, market expansion, solutions, and professional technology.

The subsidiary Herun Technology is a professional manufacturer in the field of emergency management.

As a subsidiary of Huasheng Tiancheng, Herun Technology is a state-level emerging enterprise in the public safety field, such as the initial emergency response, on-site emergency detection, fire detection, and emergency rescue command.

Professionally provide industrial testing technology and equipment and data service systems related to safety and health related emergency detection, fire detection, occupational health, environmental monitoring, software application and other industries.

The Emergency Security Cloud has won many bids for national large-scale event projects.

In the field of emergency security cloud, Huasheng Tiancheng worked closely with Herun Technology to enable the digital transformation of the industry, and successively won the bid for the emergency response of large-scale national events such as the Beijing Olympics, Shanghai World Expo, Guangzhou Asian Games, Beijing Winter Olympics, Wuhan World Military Games, etc.Monitoring system development and implementation projects.

According to the 2019 Interim Report, in the first half of the year, the company’s emergency security cloud helped the world’s top 500 electrical appliance manufacturers achieve cloud and unified management of servers and production line terminals in factories in China.

Join hands with Huawei to build a safe city.

According to the company’s official website, Democracy Huacheng Tiancheng and Huawei have established a long-term partnership, working together to develop and explore the technologies and application scenarios involved in the new generation of IT, and actively expanding the edges of technology and cooperation to form a virtuous circle of innovation and ecology.Development system.

As a very comprehensive large-scale management system, Safe City not only meets the needs of public security management, municipal management, traffic management, emergency command, etc., but also needs to take into account the needs of disaster accident early warning and safety production monitoring. Therefore, it is also a three-party cooperation and joint application scenario.Typical representative.

Huawei, Huasheng Tiancheng and Herun Technology have product capabilities 佛山桑拿网 in the fields of security and emergency fire support, industry understanding, and interrelated advantages in terms of implementation level. After the three parties have reached cooperation, they can complement each other, benefit each other, and work together to promote the construction of a safe city.

Investment advice: Expected 2019?
Earnings per share in 2020 are zero.

21 yuan, 0.

27 yuan, for the first time to give “overweight-A” rating, six-month target price of 16.

00 yuan.

Risk warning: cooperation advances below expectations; market competition intensifies

Wanneng Power (000543): The preliminary performance improvement trend of the fourth quarter profit improvement plan does not change

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Wanneng Power (000543): The preliminary performance improvement trend of the fourth quarter profit improvement plan does not change
Event description The company released the 2019 annual performance forecast: In 2019, the company is expected to realize a net profit attributable to shareholders of listed companies of 665,750-885 million yuan, a year-on-year increase of 20.00% -59.10%. Incident Review In December 2018, the company increased its shareholding in Fuyang China Resources Co., Ltd., a share-holding company, and realized a controlling stake. As a result, the company’s installed capacity increased and the company’s holdings increased, thereby driving the growth of operating income.According to data from the Energy Bureau of Anhui Province, the total electricity consumption of Anhui Province in 2019 is 2,300.700 million kWh, an annual increase of 7.8%, of which the monthly growth rate in October, November and December was 8 respectively.6%, 10.5% and 8.1%, the company is expected to maintain stable growth in the fourth quarter and before.On the whole, the increase in the company’s installed capacity in 2019 will increase operating profit. Cost improvement is the basis for the company’s performance improvement. Shenwan Energy is expected to contribute incremental investment income. The average coal price hub since this year has shown a downward trend. From January to December 2019, the average thermal coal price index in Anhui Province was 584.37 yuan / ton, down 29 from 2018.04 yuan / ton; from October to December, the average thermal coal price index in Anhui was 569.04 yuan / ton, a decrease of 42 earlier than the same period in 2018.32 yuan / ton.Driven by the continuous decline in the price of coal in Anhui Province, the company’s main business profitability increased. Due to the continuous downward trend in coal prices in Anhui Province, the profitability of power generation companies in which the company has shares will also improve. Among them, on May 31, 2019, the company purchased Shenwan Energy assets through a combination of shares issuance 重庆耍耍网 and cash., Formally obtained a 49% stake in Shenwan Energy, and Shenwan Energy contributed equity-accounted investment income for the company from June to September 20191.71 ppm, and the estimated investment income contributed is also considerable. From the historical perspective, the company’s first three quarters of 2019’s performance was 692,840,000 yuan, the third quarter’s performance was 340,600,000 yuan, and the fourth quarter of 2018 was 256,568 million yuan.According to the company’s performance forecast calculation, the company’s performance in the fourth quarter is between -25.34 million yuan and 192.16 million yuan. Unless calculated based on the performance forecast upper limit, the company’s fourth-quarter performance also has substitutions and ring comparisons are significant substitutions.According to our analysis, the company ‘s power business situation in the fourth quarter is unlikely to rise or worsen gradually. If the company ‘s fourth-quarter results change or even replace, we expect that the main reason may be the possibility or non-recurrence of non-electricity business.Profit and loss impact. Investment suggestions and estimates: According to the latest announcement, we adjust the company’s profit forecast, and the company’s EPS for 2019-2021 is expected to be 0.36 yuan, 0.45 yuan and 0.54 yuan, the corresponding PE is 12 respectively.74 times, 10.16 times and 8.56 times, maintain “Buy” rating. Risk Warning: 1. Risk of deterioration of power supply and demand environment; 2. Coal prices are at risk of unsustainable growth.

Gree Electric (000651): State-owned enterprise mixed reform steadily promotes favorable expectations

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Gree Electric (000651): State-owned enterprise mixed reform steadily promotes favorable expectations

Recent situation of the company The Zhuhai SASAC has agreed in principle that Gree Electric’s conventional equity transfer project will publicly solicit the transferee plan.

Comment on the steady progress of the mixed reform of state-owned enterprises: 1) On April 8th, the controlling shareholder Gree Group announced that it intends to negotiate the transfer of 15% of its shares in Gree Electric through public solicitation.

2) Zhuhai SASAC agreed in principle to openly solicit transferees.

The open call period is 15 trading days (August 13, 2019 to September 2, 2019).

After soliciting the intended transferee, the signed “share transfer agreement” must still be approved by the SASAC and other competent government departments.

3) The transfer price is not less than 44.

17 yuan / share (average price of 45 in the 30 trading days before the reminder announcement date.

On the basis of 67 yuan / share, the 2018 annual dividend 1 was cancelled.

5 yuan / share), the minimum price corresponding to the transferred shares is 398.

600 million.

4) The lock-up period of the shares after the transfer is not less than 36 months.

High requirements on the intent transferee: 1) The intent transferee should be the sole legal entity (single company legal person or limited partnership), or a consortium of no more than two legal entities controlled by the same shareholder’s controlling or actual controller(Including the core management team / partners of the private equity investment management agency).

2) 63 trillion deposit is required.

3) There are many additional requirements for the intended transferee. If it is necessary to improve the quality of the listed company and maintain the 佛山桑拿网 company’s sustainable and healthy development.

The application materials should be specific to the strategic plans for effective technology, market and industry coordination and other strategic resources for listed companies; specific measures to improve the governance structure and incentive mechanism of listed companies.

1) In 1H19, China’s air-conditioning market demand fluctuated slightly, Gree’s market share declined, and channel inventory exceeded that of the same period last year.

But these are temporary challenges with overlapping demand cycles and inventory cycles.

2) We expect that if the mixed reform of state-owned enterprises is successfully completed, Gree will be changed to a public company with no actual controller.

At that time, Gree is expected to resume high dividends, and new shareholders are also expected to date resources that are conducive to the development of the company.

It is estimated to maintain the 2019/20 EPS forecast4.

66/5.

13 yuan.

Maintain Outperform rating and maintain target price of 68.

70 yuan, corresponding to 15x / 13x 2019 / 20e P / E, compared with the current expected increase of 36%.

The company currently expects to correspond to 11x / 10x 2019 / 20e P / E.

Risk Market demand fluctuation risk; market competition risk.

UFIDA (600588): Promote enterprise cloud services with the wings of Yunpeng

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UFIDA (600588): Promote enterprise cloud services with the wings of “Yunpeng”

At the Huawei Fully Connected Conference, UFIDA and Huawei released a comprehensively adjusted localized multi-product application solution. We believe that the cooperation between the two parties has an exclusive advantage in large enterprise groups, which can not only help sharpen enterprise application products, but also promote enterprise cloud services.Development, UFIDA will continue to develop rapidly and continue to strongly recommend it.

Event: On September 18-20, at the Huawei Full Connect Conference, UFIDA and Huawei jointly released an enterprise digital application platform and smart financial solution.

At the same time, NC Cloud has passed multiple Huawei certifications and Huawei Kunpeng Lingyun plan, and has built a full-stack domestic solution to fully serve the digital transformation of Chinese enterprises.

Work with Huawei to build a domestic software and hardware ecosystem.

UFIDA has a long history of cooperation with Huawei, and it is deeply integrated with Huawei Cloud. We believe that Huawei’s polishing is extremely beneficial to the improvement and upgrade of UFIDA products. The rise of the autonomous system centered on Huawei will greatly promote the rapid advancement of domestic cloud servicesToxic benefits.

The company has completed the adaptation of NC Cloud, A ++ products and other IT infrastructure products such as Huawei GaussDB database and Kunpeng Cloud Services. The product converted to ERP, YonSuite, is also being tested and deployed.

The cooperation between the two parties basically covers the public cloud exclusive cloud hybrid cloud model, and has undergone comprehensive stress test verification and business simulation: Huawei cloud + Huawei PG database for public cloud customers; TaiShan server + for hybrid cloud and private cloud customersGaussDB + NC Cloud’s fully autonomous and controllable solution.

Both parties have an exclusive advantage based on the services of large enterprise groups, and the integration and promotion of industrial ecology brings further synergy value.

Large enterprises are the main force of the cloud industry, and do not have to worry about proprietary deployments.

The growth history of overseas SaaS giants and the development of domestic cloud services in recent years have increasingly highlighted the core pulling role of large enterprise groups in the cloud industry. Although large-scale enterprises have conceded in terms of standardized scale, they have only had little long-term growth.

Private / hybrid deployment is the normal state of IT requirements for large and medium-sized enterprises, but cloud-native technology solves the problems of application implantability and customized development costs.

UFIDA PaaS + SaaS product layout eco-efficiency improves customer stickiness and brings continuous resale revenue through cross-selling within the system, and continues to expand business space.

“Highly Recommended-A” investment rating.

It is estimated that the company’s net profit for the year 19-21 will be 8.

91/11.

87/14.

USD 7.3 billion. It is a scarce comprehensive cloud service leader. It has great development advantages in ecological development. The most beneficial target for enterprise informatization upgrade is to maintain the “Highly Recommended-A” rating.

Risk Warning: The progress of cloud 杭州桑拿网 service business is not up to expectations; the risk of brain drain.

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