2014 World Cup Algeria National Team final 23-man congress list (picture)

2014 World Cup Algeria National Team final 23-man congress list (picture)
2014 World Cup Algeria National Team’s newly announced 23-man roster (pictured) goalkeepers: Mbori (Sofia Central Army), Mohammed (CS Constantine), Zema Muce (USM Algiers) Defender: Belkalem(Waterford), Buguera (Lehvia), Cadamuro (Mallorca), Gulam (Naples), Halice (University of Coimbra), Mandy (Lance)), Mejani (Valenciena), Mesba (Livorno), Mustafa (Ajaccio) Midfielders: Ventaleb (Tottenham), Brahimi (Granada)), Larsen (Getafe), Tedel (Inter), Yebda (Udinese), Di Gab (African Club), Figuri (Valencia), and Mahrez (Lecce)City) Forwards: Giras (Porto), Sodani (Dinamo Zagreb), Slimani (Athletic Lisbon) Recommended reading: 2014 Brazil World Cup Top 16 Match Time 2014 Brazil World CupSchedule timetable historical results Algeria has participated in the two World Cups in 1982 and 1986 consecutively. For the first time to participate in the World Cup, despite the 2 wins and 1 loss, the goal difference can be the same as Germany and Austria with 4 points (at that time, 1 game and 2 points), Failed to qualify, in 1986 1 level 2 negative did not qualify.In the last World Cup in South Africa, Algeria and England, the United States, and Slovenia were divided into a group. The second game of the group stage was a 0-0 draw with England, but because of the two 0 to 1 losses to the United States and Slovenia, the group bottom.The opponents in the same group in the group stage: the 2014 World Cup Russia national team final 23-man list 2014 World Cup South Korea national team 23-man list 2014 World Cup Belgium 23-man list jersey number announcement Related news recommendation: 2014 World Cup Brazil national team latest 23-man list 2014 World Cup ArgentinaList of the top 23 people in the national team (Figure)

2015 All-Star Game schedule announced the rookie game on February 14

2015 All-Star Game schedule announced the rookie game on February 14
The 2015 NBA New York All-Star Game is about to officially start on February 14th, Beijing time. The following is the schedule for the All-Star Game: 6:00, February 13th, Beijing time: Rookie Challenge training at 1:00, February 14th, Beijing time: AllCelebrity Media Day, Beijing Time, February 14 at 8:00: All-Star Celebrity Game Beijing Time, February 14 at 10:00: Rookie Challenge Beijing Time, February 15 at 23:00: 2015 Hall of Fame Press Conference, Beijing Time February 15Day 24: All-Star Game Training Beijing Time February 15th 8:00: Adam-Xiaohua Press Conference Beijing Time February 15th (specific time to be determined): Shooting Star Game Beijing Time February 15th: Skill Challenge  Beijing time on February 15th: three-point contest Beijing time on February 15th: slam dunk (microblogging) contest on February 16th at 3:30 in Beijing time: Development League All-Star Game and Development League dunk contest Beijing time on February 16th 9Point 30: All-Star Game Main Event (Childlike Heart)

Guanghua Technology (002741): Falling Metal Prices Affect Q1 Results Waiting for New Projects to Put into Production to Improve

Guanghua Technology (002741): Falling Metal Prices Affect Q1 Results Waiting for New Projects to Put into Production to Improve

Event company released the first quarter of 2019 report The first quarter of 2019, the company achieved revenue3.

91 ‰, an increase of 9 in ten years.

34%, an increase of 20 from the previous month.

01%; net profit attributable to mothers was 14.41 million yuan, a decrease of 46 per year.

37%, an increase of 279.

04%; net profit after deduction of 7 million yuan, a year of 73 reduction.

04%, an increase of 169.

56%.

A brief comment on the decline in metal prices will affect the company’s profitability. The first quarter of 2019’s performance will decline, mainly due to the decline in metal prices, which will result in a narrower product profit margin.

The company’s overall gross profit margin was reported as 19.

25%, ten years ago4.

11 levels, level 5 from the previous quarter.

The 47 single ones are expected to be mainly due to the 100-inch spodumene beneficiation project entering the scope of the statement, which will lower the profit margin.

From the perspective of metal prices, the spot price of copper in 2019Q1 was 48720 yuan, which will decrease by 7 in the future.

0%, down 1 from the previous month.

7%; tin spot price of 147,625 yuan, an increase of 1 over.

5%, up 1 from the previous month.

1%; the spot price of nickel is 99,245 yuan, which will decrease by 1.

2%, an increase of 0 from the previous month.

1%; the price of cobalt is 3,175,783 yuan, a decrease of 47 per year.

7%, a month-on-month decrease of 24.

1%; the price of lithium carbonate is 78,528 yuan, which will decrease by 49 in the future.

5%, a decrease of 0 from the previous month.

7%.

During the reporting period, the company’s expense ratio reached 17.

39%, an increase of 2 every year.

93 units.

Of which, the management cost is 20.78 million yuan, which is increased by 68 every year.

10%, mainly due to the establishment of new subsidiaries, the use of new office buildings, resulting in increased management costs; research and development costs of 18.04 million yuan, an increase of 33.

53%, mainly due to the company’s comprehensive report on the 14,000-ton lithium battery initial material project in the report led to an increase in research and development costs; financial costs of 10.19 million yuan, an increase of 381.

82%, mainly due to the increase in interest expenses.

Continued layout of waste power lithium battery recycling channels. The company has recently entered into multiple waste battery recycling strategic cooperation agreements with Wuzhou Automobile, Chery Wanda, BAIC Penglong, Nanjing Jinlong and other component vehicle manufacturers.

The power lithium battery recycling industry is on the eve of the outbreak. For industry companies, there will be several core barriers in the future competition: 1) Barriers to waste battery recycling channels-ensuring continuous and stable, reasonably priced recycling channels are important for recycling companies.2) Technical barriers-at present, there is no mature and unified universal technology in the industry, and the technological maturity and recovery costs of different recycling companies are different from each other; 3) Project site selection, qualification barriers-waste battery recycling processIt will involve the discharge of some three wastes. Under the background of severe environmental protection supervision, project approval will be obtained. Reasonable site selection will become the focus.

The construction of waste power lithium battery recycling channels will become a focus of work for industry companies in the future.

The industry’s prosperity is picking up, domestic replacement logic is smooth, and the strong growth of the main PCB chemical industry is accompanied by the recovery of the downstream electronics market. In 2017, the global PCB industry’s output value reached 55.3 billion US dollars, an increase of 2%, and returned to the rising channel; taking advantage of costs and the industryThe supporting chain is becoming more and more perfect, and the focus of the global PCB industry is constantly shifting to China. In 2017, the Chinese industry’s output value accounted for 51% of the world’s total; the market share of Chinese local PCB manufacturers continued to increase at the same time, and the industry’s development trend is improving.

As a supporting product for the PCB industry, with the improvement of industry product requirements, environmental protection regulations have become more stringent, the small capacity of the PCB chemical industry has gradually been cleared, the industry concentration has increased significantly, and the CR5 index has increased year after year.

As a leader in the industry, the company has achieved a good reputation in the industry in the short term, established a high-quality brand image, and steadily increased its market share.

However, the overall dispersion of the industry is still high at present. The company is the industry’s first domestic brand. Its market share in 2017 was only 4%, and there is huge room for future growth. Layout of the “lithium battery recycling-lithium battery 四川耍耍网 materials” industry chain to open up the imagination space for the development of PCB chemicals. While the company has entered the lithium battery field since 2017, it has laid out ternary precursors, iron phosphate, lithium iron phosphate, and ternary interval.Materials, lithium battery recycling production line.

The company has obvious advantages in the field of lithium battery deployment: 1) it has advanced chemical production technology, obvious advantages in the cost of iron phosphate technology, and high efficiency of lithium battery material recovery; 2) the formation of a closed-loop industrial chain of “battery recycling-raw materials-precursors-multiple materials”The advantages of integration are obvious; 3) Selected into the list of the first batch of lithium battery recycling test sites (only 5 in the world),北京桑拿体验网 and obtained the first-mover advantage of industrial layout.

New energy vehicle sales began to increase in 2013. According to the 3-5 year life cycle, the battery recycling market has gradually opened rapidly after 2018, and the industry output value is expected to reach more than 40 billion in 23 years.

The company is the first to make a layout in this field and is expected to become a strong support for future profit growth.

Maintaining a “Buy” rating. The company has a long history of accumulation, obvious technical advantages, and sound operation management. In the short term, it will benefit from the improvement of the industry’s prosperity and gradually replace domestic alternatives. The main business of PCB chemicals will maintain strong growth.The “recycling-lithium battery material manufacturing” business is in line with the industry’s development trend, and the volume will be ready soon; the capacity under construction will be gradually launched in the next two years, and the growth of the business is highly certain.

It is expected that the company will realize net profit attributable to mothers in 19 and 20 years1.

94, 2.

80 billion, corresponding to EPS 0.

52, 0.

75 yuan, corresponding to the estimated value of 25X, 17X, maintain “Buy” rating.

Sunlord Electronics (002138): Performance Exceeds Expectations, Long-term Growth Trend of Inductor Leaders Is Clear

Sunlord Electronics (002138): Performance Exceeds Expectations, Long-term Growth Trend of Inductor Leaders Is Clear
Matters: Sunlord Electronic Announcement: The company released the first half of the year’s results for the first half of the year.In the first half of 19, total revenue was 12.1.7 billion, +7 a year.77%, net profit attributable to mother 1.9.5 billion a year -13.98%, net of non-attributed net profit1.810,000 yuan, at least -5.16%.  Comment: In the first half of the year, the first half of the year’s performance was slightly lower than expected, and the company’s expenses and costs increased in the first half of the year.1.7 billion, +7 a year.77%, net profit attributable to mother 1.95 ppm, at least -13.98%, net of non-attributed net profit1.8.1 billion, -5 per year.16%, slightly lower than market expectations.19Q2 single quarter revenue 6.73 ppm, a five-year increase of 5.5%, an increase of 23 from the previous month.52%.Realized gross profit in the first half of 1929 trillion, ten years +9.51%, gross margin 35.26%, an annual increase of 0.56 units.  From the perspective of expenses, the selling expenses in the first half of 19 were zero.33 trillion, ten years +6.61%, management costs 0.63 trillion, ten years +10.97%, R & D expenses are 0.8.4 billion, +39 per year.14%, financial expenses 3.96 million yuan, financial expenses for the same period last year was -1.8重庆耍耍网2 million yuan.The exchange gain was -6.64 million yuan, the exchange gain was -5.35 million yuan in the same period last year, and the investment income was -1.16 million yuan.  We believe that the increase in expenses, loss in exchange rate, and decrease in distribution income are the main factors that caused the company’s performance to be lower than expected.The company’s single-quarter gross profit margin was 35 in 19Q2.65%, which is basically the same as the gross profit margin in the single quarter of 18Q2, which is an increase of 0 from the previous quarter.87 single, profitability of core products remained stable.However, due to the overall exchange rate fluctuations in the first half of the year, profits were reduced by 1,199 due to exchange rate changes each year.550,000 yuan.Excluding the impact of equity transfer gains and the decrease in earnings caused by exchange rate changes, profits in the first half of 2019 were basically the same as last year.  In addition, the increase in expenses is also one of the reasons for the pressure on the company’s performance. The company’s R & D expenditure in the first half of 19, 8,425.160,000 yuan, compared with 6,055 in the first half of 2018.300,000 yuan, expenditure increased by 2,369.RMB 860,000; 20,882 labor expenses in the first half of 2019.520,000 yuan, compared with 16,520 labor expenses in the first half of 2018.40,000 yuan, an increase of 4,362.480,000 yuan.The growth in expenses is reflected in the company’s continued development strategy.The company’s continued growth in the fields of automotive electronics, filters, magnetic materials, sensors, high-end precision inductors, precision ceramics and other industrial-specific products has contributed to the company’s sustainable growth.The foundation has been established, while increasing short-term cost pressures.  New products and customers have developed smoothly, and high growth is still expected in the future. In the first half of 2019, automotive electronics sales revenue increased by 429 compared with the same period last year.97%, automotive electronics achieved large-scale and stable delivery, which injected a strong source of power for Sunlord’s continuous and continuous growth!After more than ten years of hard work, the company has become an official supplier of automotive electronics companies with many global and domestic reputations such as BOSCH, VALEO, Denso, Tesla, CATL, Koboda, etc. CATL and Koboda are the second quarter of 2019New and rich customers.The company’s reversing radar transformers, BMS transformers for electric vehicles, and third-generation power inductors have been used by world-renowned automotive electronics companies.Auto electronics orders continue to grow, which is expected to become one of the important sources of revenue growth of the company.  The 5G business will lay the foundation for the company’s continuous expansion in the field of communications. Both communication base stations and terminal services will benefit from 5G business drivers.The company ‘s microwave devices specifically developed for 5G base stations have been recognized by major international manufacturers and gradually transformed into sales; the second half of the year will continue to expand the development and marketing of new products in the 5G market.At the same time, driven by 5G services, the demand for high-end precision inductors in mobile phone terminals will also increase significantly.The company continues to cultivate on the mobile phone side and new customers continue to expand. The penetration rate of the communication terminal market has continued to increase. Combined with the mobile phone terminal ‘s significant increase in the use of high-end precision inductors, the company has fully benefited from the 5G inductor volume and price trend. The communication terminal business aims toMaintain sustained and stable growth.  In addition, the company’s other businesses such as ceramics, military electronics, PCB and other businesses continue to develop steadily. While the company is actively researching and promoting new product development, it focuses on strengthening management team training and continuously improving management efficiency.Through the implementation of training for managers in management culture projects, the continuous progress of IPD work and the establishment of a new research and development assessment mechanism, the market for research results has been actively promoted; through the quantification and refinement of business management, overall operational efficiency has been improved and the company’s operating efficiency has been increased.  The company’s short-term performance is under pressure, and its long-term growth trend is obvious. The company maintaining the “buy” rating suffered from factors such as expense growth, exchange loss, and reduction in distribution income. The first half performance was slightly lower than market expectations.However, with the volume of automotive electronics products, the inductance business benefits from the 5G business driver, filters, ceramics, magnetic materials and other businesses usher in a period of rapid growth. The company’s high replacement in the past will transform the company’s growth momentum, and the company’s long-term growth is obvious.We lowered the company’s performance from the original 5 of 19/20/21.80/7.89/10.29 trillion, down to 5.08/6.51/8.1.8 billion, a ten-year growth rate of 6.2% / 28.1% / 25.7%.Earnings per share are 0.63/0.81/1.01, currently corresponding to 19/20/21 PE is 32.9/25.69/20.4 times.  Maintain “Buy” rating.  Risk reminders: First, the growth rate of traditional businesses and the progress of new businesses are not up to expectations.  Second, the company’s product development progress in new areas and new customers fell short of expectations.  Third, the cost of upstream raw material prices has risen, and the expense has grown rapidly.

Xiaoxiong Electric (002959) First Coverage Report: Rising short-term epidemic of kings in the small appliance segment drives demand

Xiaoxiong Electric (002959) First Coverage Report: Rising short-term epidemic of kings in the small appliance segment drives demand

The birth of the bear, the counterattack from ODM to its own brand has become the home appliance capital of the world. Guangdong’s Shunde is a company with its own brand “Xiao Xiong” as its core, focusing on “Meng series” products and using e-commerce sales channels asThe main creative small appliance business.

The bear that started with ODM gradually introduced differentiated product segments such as yogurt machines, electric stew pots and health pots, and deployed and sold them through fast-growing e-commerce channels. With smaller products, it also has a very cost-effective price.Gradually established its own market segmentation.

Product side: Moe is a small household appliance, creating a life aesthetics company with a rich product line. Around the core strategy of product diversification, it has three major categories of kitchen appliances, small household appliances and other small household appliances, 28 sub-categories and products.The scope of application also gradually extends from young people to mothers and babies, middle-aged and elderly customer groups.

The company is unique in 杭州夜网论坛 industrial design, product color matching, and advertising. It is not only related to the main sales models of online channels, but also benefits from continuous R & D and innovation capabilities.

Channel end: Online distribution pioneer is one of Taobao’s small home appliance manufacturers that initially implements the “network authorization” sales model. At present, Xiaoxiong, which mainly uses e-commerce sales channels, accounts for 90% of online revenue.

41%, offline revenue accounted for 9%.

59%.

There are certain differences in the gross profit margin of the company under different sales models. Among them, online direct sales have the highest gross profit margin, followed by e-commerce platform warehousing, online distribution, offline distribution and export.

Pneumonia epidemic: short-term or further driving demand As the epidemic changes and controls, the trend of resumption of work across the country is gradually becoming clear, and the small household appliances sector is expected to become a rebound category, so that flexible online marketing strategies can achieve continuous even during the epidemicIncreasing demand, sales and marketing channels have been hit by the epidemic, and under the dynamic matching of demand and supply, the convenient product attributes of small appliances can quickly reach a balanced position.

The investment proposal estimates that the company’s revenue will be 35 in 20-21.

15, 45.

43 trillion, a growth rate of 30.

63%, 29.

23%; net profit 3.

48, 4.

4.6 billion, a growth rate of 33.

92%, 28.

19%, corresponding to EPS respectively 2.

90, 3.

72 yuan / share.

The current highest corresponds to 23 respectively.

54x, 18.

36xPE.

Based on the evaluation of existing listed companies in the industry, we give the company a reasonable assessment of 30 times PE in 2020, and the corresponding target price is 87.

0 yuan / share, the first coverage given a “buy” rating.

Risk warning: the risk of fluctuations in raw material prices, reducing the risk of changes in preferential policies, online sales account for a relatively high risk, and the macro economy is less than expected.

Science and Technology Board Inquiry Report for Hot Scene Biology (688068)

Science and Technology Board Inquiry Report for Hot Scene Biology (688068)
A quality company in the field of in vitro diagnostics.The company was established in 2005. It is mainly engaged in the research and development, production and sales of in vitro diagnostic reagents and instruments. It has successfully constructed the above-mentioned converted luminescence technology as the core, the main disease diagnosis technology platform at the POCT site, mainly used for liver cancer hepatitis, cardiovascular and cerebrovascular diseasesAntibiotic infection and other clinical medical fields.The company’s main financial indicators and profit forecasts.The company achieved operating income in 20181.870,000 yuan, an increase of 31 in ten years.7%; net profit attributable to mother is 0.48 ppm, an increase of 60 in ten years.1%; The company’s gross profit margin in 2018 was 73.7%, with a net interest rate of 25.8%, ROE is 23.0%, asset-liability budget 21.2%, the overall operating conditions are good.We predict that the company’s operating revenue for 2019-2021 will be 2 respectively.3.4 billion, 2.8.9 billion yuan and 3.55 ppm; net profit attributable to mothers is 0.5.6 billion.7.1 billion and 0.8.8 billion yuan.Company valuation and inquiry analysis.This report focuses on the evaluation and analysis of companies using different methodologies and systems, and at the same time the corresponding reasonable inquiry interval.We use historical estimation reference method, relative estimation PE method and absolute estimation DCF method to analyze and calculate 天津夜网 the company evaluation, and use different weights of various estimation methods according to the specific situation of the company.Based on comprehensive analysis, we use the historical estimation reference method to predict the company’s valuation as 16.0 million yuan, using the PE method to predict the company’s valuation is 16.90,000 yuan, using the DCF method to predict the company’s valuation is 24.800 million.We gave 30% weighting to the historical evaluation reference method, 60% weighting to the PE evaluation method, and 10% weighting to the DCF estimation method, which ultimately led to the company’s estimated estimate of approximately 17.400000000.We assume that the number of new shares issued by the company this time is 15.55 million shares and the total share capital of the company after the issuance is 62.2 million shares. Based on the company’s predicted market value, the corresponding replacement of the company is 27.97 yuan / share, the recommended inquiry range is[24.32, 31.62]yuan / share.Risk reminders: industry policy risks; similar product market competition risks; product R & D failure risks.

Yutong Bus (600066) January 2020 sales review-January Spring Festival affects sales policy warming expectations are expected to rise

Yutong Bus (600066) January 2020 sales review-January Spring Festival affects sales policy warming expectations are expected to rise

The company’s passenger car sales increased by -45% in January 2020. The sales volume is mainly due to the impact of the Spring Festival holiday in January this year, which is in line with expectations.

The company is an absolute leader in the field of buses. Through further optimization of the industry competition pattern, the company’s profitability has bottomed out, the overlapping policy environment has warmed, and it has been replaced by receivable compensation payments. It is expected that the company’s dividend ratio will increase in the future and the yield will increaseImproved, boots bring estimated repairs and maintain “Buy” rating.

Matters: On February 8, 2020, the company announced that in January 2020, passenger car sales were 2,895 vehicles, roundtrip -45.

0%, -68.

1%, in line with market expectations.

Our comments are as follows: January passenger car sales increased by -45%, due to the impact of the Spring Festival in January, in line with expectations.

The company sold 2,895 passenger cars in January 2020, at -45 per year.

0%, -68.

1%, in line with market expectations, of which new energy bus sales are expected to be around 900.

Sales in January decreased, mainly due to the impact of the Spring Festival holiday in January this year (last year in February last year).

In terms of different models, the company sells 1,141 large passenger cars at -45 per year.

2%, 1373 medium-sized buses sold, -43 per year.

6%, 381 small passenger car sales, -49 for the whole year.

0%.

The company’s passenger car sales in January were in line with market expectations. Taking into account factors such as the delayed resumption of labor due to the epidemic in February, and February as the off-season of traditional passenger car sales, sales are expected to decrease significantly month-on-month.

The favorable policies of the industry continue to be released, waiting for the completion of supplementary policies.

From January 10th to 12th, 2020, a hundred Chinese electric vehicles will be antiques in Beijing, which will release many positive signals for the industry. For example, according to the Voice of China report, the head of the relevant department of the Ministry of Industry and Information Technology stated that the subsidy policy for new energy vehicles will remainStable etc.

We expect that the new national new energy vehicle subsidy policy will finally come to fruition in the first and second quarters, and the prosperity of the passenger car industry will improve to some extent.

Comprehensively considering the impact of new crown pneumonia and supplementary policies, it is expected that the company’s passenger car sales will remain low in the first quarter, and it is expected to improve significantly in the second quarter.

The passenger car industry is at the bottom and is optimistic about the leading competitiveness.

The total sales volume of buses over 5 meters in 201919.

Around 10,000, at least -11.

04%, at the bottom of history.

Considering that the sales volume of seat buses has fallen to a level, the mid-杭州桑拿to-long term bus industry has entered a bottom-building stage, and the market is clear. The company, as a leader, has highlighted competition.

In 2019, the company has a total of 37 buses over 7 meters.

1%, ten years +1.

6 pieces, continue to maintain a high level, and is expected to improve slightly in the future.

In addition, in terms of new energy, the company’s cumulative sales of new energy buses in 2019 were 21,715 (bus information network data), with a market share of 28.

47%, much higher than Zhongtong (10.

66%), CRRC Electric (8.

74%) and other enterprises, the leader of new energy buses is stable in parallel.

In the future, it will be gradually replenished and gradually withdrawn. The industry’s tail capacity will be cleared. It is expected that the company’s new energy market share will continue to increase.

High-end products have won awards overseas and are expected to open up overseas market space in the future.

In terms of overseas markets, European passenger car sales have been stable at 30,000 units / year, and Chinese companies have replaced the European market share of only about 5%, which has a lot of room.

At present, the company actively lays out high-end models. U12, T13, and ICE12 have won three awards, including the “Busworld Design Award” at the Brussels World Bus Expo, and the company’s competitiveness in high-end products has been demonstrated.

As of July 2019, Yutong’s cumulative vehicle sales in the entire European region exceeded 8,000 units. In the future, the company’s products will become high-end and intelligent, which is expected to continue to break through the European high-end market.

Risk factors: New energy bus sales are lower than expected; the cost of power batteries has fallen less than expected; new energy vehicle policy fluctuations.

Guiguan Electric Power (600236): The incoming water has improved and the thermal power generation has increased significantly

Guiguan Electric Power (600236): The incoming water has improved and the thermal power generation has increased significantly

Event: The company released the third quarter report of 2019.

The company achieved operating income of 71 in the first three quarters.

69 ppm, an increase of 0 in ten years.

09%, net profit attributable to mother 19.

67 ppm, a decrease of 2 a year.

24%, in line with Shen Wanwanyuan’s expectations.

  Key points for investment: The water supply in the flood season improved slightly, and the hydropower generation in the third quarter was basically the same as the same period of the previous year.

In the spring of the first half of the year, the overall incoming water in the southern region was good but unevenly distributed. The incoming water in the Hongshui River Basin was dry, and the company’s hydroelectric power generation decreased by 7 in the first half of the year.

7%.

Water supply in Guangxi Province improved during the flood season, and the company achieved 106 hydropower generation in the third quarter.

400 million kWh, basically the same as the same period in 2018, driving the gradual decline in hydropower generation in the first three quarters to -5.

16%.

  The pattern of power supply and demand regional differentiation has intensified, and the utilization hours of Heshan Power Station have rebounded significantly.

Since 2019, the basic structure of power supply and demand is regional differentiation of supply and demand. Guangxi Province is the main destination for the transfer of the electrolytic aluminum industry in series. The growth rate of power consumption continues to lead the country, and the power consumption of the entire region increased in the first three quarters.

13%, ranking first in the country.

At the same time, due to the overall dryness of the incoming water, the utilization hours of thermal power in Guangxi Province increased significantly, gradually increasing by 536 hours in the first three quarters.

In the first three quarters, the company’s Heshan Power Plant achieved 24.

6.6 billion kWh, an increase of 70 in ten years.

66%.

Heshan Power Station’s net profit in the first half of the year is reduced by 1 every year.

At 19 ppm, the coal price index in the third quarter of Guangxi fell by 4.

9%, heshan power station is expected to gradually narrow in the future.

  Actively optimizing the clean energy power supply structure, and its stable performance is conducive to maintaining high dividends.

夜来香体验网The company’s top management continued to develop wind power business. The first phase of the Guangxi Binyang Mawang Phase I wind power project was put into operation at the end of March 2019. The Mawang Phase II wind power project (100MW) was approved in 5 months.

However, dragged down by poor wind conditions, the company achieved wind power in the first three quarters2.

5.1 billion kWh, a reduction of 11 per year.

31%.

With the gradual commissioning of under construction and installation, new energy is expected to continue to contribute to growth in the future.

The company significantly increased the dividend ratio. The dividend ratio for 2016-2018 was 30.

38%, 79.

68% and 63.

56%.

At present, the company’s overall performance is stable, and the high dividend payout ratio is expected to remain.

  In the third 杭州桑拿 quarter, Yangtze Power increased its shareholding in the company again, ranking fourth.

Yangtze Power continued to increase its shareholding in the short-term. It entered the top ten shareholders for the first time in the 2018 annual report, and increased its shareholding in the first half of 2019.

64% of shares, the shareholding ratio rose to fifth place.

In the third quarter, the company continued to increase its holdings of 0 again.

67% of the shares, the current gradual shareholding ratio has reached 3.88%, ranking the fourth largest shareholder.

The company’s value has been continuously recognized by the highest industrial capital.

  Profit forecast and estimation: Considering the situation of water supply and the improvement of thermal power performance, we maintain our forecast of net profit attributable to mothers for 2019-2021 is 24.

67, 25.

91 and 26.

62 ppm, the current sustainable corresponding PE is 14, 14 and 13 times, maintaining the “Buy” rating.

Zhaoyan New Drug (603127) Tracking in the First Quarterly Report: The growth rate after deduction is slightly lower, and the long-term development prospects are not hindered

Zhaoyan New Drug (603127) Tracking in the First Quarterly Report: The growth rate after deduction is slightly lower, and the long-term development prospects are not hindered

1.

Event: The company released the 2019 first quarter report.

Revenue for the first quarter of 2019 was 7,441.

900,000 yuan, an increase of 44 in ten years.

13%; net profit attributable to mother is 1203.

960,000 yuan, an increase of 37 in ten years.

27%; net profit deducted from non-return to mother 456.

780,000 yuan, a decrease of 18 a year.

13%; EPS 0 achieved.

10 yuan.

In terms of expenses and assets, sales expenses were 216.

150,000 yuan, an increase of 87 in ten years.

47%, mainly due to the increase in labor costs and office expenses; administrative expenses 1950.

680,000 yuan, an increase of 38 in ten years.

54%; finance costs 8.

360,000 yuan, an increase of 136 in ten years.

75%, mainly due to the impact of foreign exchange loss gains and losses; R & D expenses 738.

310,000 yuan, an increase of 28 in ten years.

76%; investment income 615.

560,000 yuan, an annual increase of 428.

51%.

Pre-sale funds 3.

7.4 billion, an increase of 10 from the beginning of the period.

32%; long-term deferred expenses end 478.

300,000 yuan, an increase of 87 from the beginning of the period.

45%, mainly due to the sale of renovation and renovation investment stalls; other non-current assets at the end of 3620.

300,000 yuan, an increase of 52 over the beginning of the period.

77%, mainly due to the increase in prepaid equipment engineering funds.

Net operating cash flow of 1624.

640,000 yuan, an increase of 132 in ten years.

02%.

2.

Our Analysis and Judgment (I) The growth rate of non-deduction is slightly higher than expected. Revenue with well-controlled expenses during the period maintained steady growth. Due to the increase in additional staff costs and the replacement period of new business, the growth rate of net profit after deduction is slightly lowerIn the expected 2019Q1 company revenue is 7441.

900,000 yuan (+44.

13%), net profit attributable to mother is 1203.

960,000 yuan (+37.

27%), deducting non-attributed net profit 456.

780,000 yuan (-18.13%).

The growth rate of net profit attributable to mothers is much higher than the growth rate of net profit attributable to non-mothers, which is mainly due to the report that investment income has been increasing significantly in 2019Q1, the company’s investment income was 615.

56 million, an annual increase of 428.

51%.

The growth rate of net profit after deducting non-return to motherhood was slightly higher than expected. We believe that (1) the expenditure of personnel reserved for the expansion of new capacity.

The company added 145 new employees in 2018 and 50 new employees in 2019Q1, mainly to prepare for subsequent capacity expansion. It is estimated that the cost of new employees is about 3 million yuan.

(2) Replenishment of new business (pharmacovigilance, clinical business, Wuzhou Monkey 南京夜网 Farm, etc.) has generated corresponding returns.

Pharmacovigilance, clinical phase I, monkey farm construction and other businesses are still in the investment stage and have not generated corresponding revenue, which is expected to exceed about 2 million.

(3) Asset impairment losses.

In 2019Q1, the company made provision for bad debts, and the asset impairment loss was 246.

540,000 yuan, an annual increase of 311.

45% also has a partial impact on profits.

In terms of business segments, we estimate that the security evaluation business revenue in Q1 2019 will be 50.23 million, an annual growth of 23.

63%; revenue from pharmacokinetic research business was 15.1 million, an annual increase of 77.

23%; 5.63 million in pharmacodynamic research business income, an annual increase of 55.

52%.

During the period, expenses were well controlled and gross profit margin decreased.

Expense rate during the 2019Q1 was 39.

15% (-1.

02pp), sales expense ratio 2.

90% (+0.

67pp), the management expense rate is 26.

21% (-1.

06pp), financial expense ratio is 0.

11% (+0.

55pp).

In terms of segmentation, sales expenses were 216.

150,000 yuan, an increase of 87 in ten years.

47%, mainly due to the increase in labor costs and office expenses; administrative expenses 1950.

680,000 yuan, an increase of 38 in ten years.

54%; finance costs 8.

360,000 yuan, an increase of 136 in ten years.

75%, mainly due to the impact of foreign exchange loss gains and losses; R & D expenses 738.

310,000 yuan, an increase of 28 in ten years.

76%.

In terms of gross profit margin, the gross profit margin in 2019Q1 was 52.

66%, a decrease of 2 from the same period last year.

77pp.

We believe that it is mainly due to the increase in labor costs.

Net operating cash flow of 1624.640,000 yuan, an increase of 132 in ten years.

02%, the absolute value and growth rate are higher than the profit side, and the operating quality is excellent.

(II) Capacity expansion + personnel expansion + increase in hand orders to ensure continuous growth As a domestic pre-clinical R & D export leader, the company continues to expand production capacity, continuously strengthen staff building, expand scale in hand orders, and ensure continuous growth in performance.

In terms of production capacity, the company is in Taicang.

The 08,000-square-meter animal house has now been included in the GLP business qualification. Currently, it is beginning to conduct non-GLP business trial operations. It is expected that it will gradually take over GLP business orders no later than June.

In addition, the company plans to invest in Chongqing Liangjiang New District.

8.7 billion Zhaoyan (Chongqing) New Drug Evaluation Center was constructed with a planned scale of 127 acres and a planned building area of 60,000 square meters. Construction is expected to begin in October and be completed within two years.

In our opinion, the establishment of Chongqing Zhaoyan is conducive to expanding the company’s influence in the southwest, thereby further enhancing its competitiveness.

In terms of personnel team, the company continued to expand its workforce, adding 50 new employees in the first quarter of 2019, and the total number of employees reported was 867.

The company optimizes the organizational structure, improves management efficiency, improves the budget system, and expands fair incentives. It actively explores foreign talent markets and builds an international and professional talent team.

In addition, the company organizes internal training and assessment of the system to improve the professional technical ability and quality awareness of employees.

In terms of orders, the company has too many orders in hand and its subsequent performance is guaranteed.

New chronic orders in the first quarter of 2019.

500 million, an increase of 13 compared with the same period last year.

64%.

As of the end of the reporting period, the company had about 9 billion orders in hand, which was an increase of about 10% compared with the same period last year. The existing orders provided effective guarantee for the company’s future business performance.

(3) Extension of the industrial chain, early clinical + pharmacovigilance business steadily promoted The company actively expanded its business areas, and early clinical and pharmacovigilance business steadily advanced.

In terms of early clinical business, there are currently three bases in Taicang, Tonghua and Hainan Cancer Hospital, which can carry out clinical projects and grasp the quality of the projects.

At the same time, Beijing has a clinical sample analysis department, and Taicang has recruited returnee experts. It is currently in the stage of establishing a clinical sample analysis team.

It is expected that the three hospital bases and the Taicang clinical sample analysis center will be completed and used by the end of the year.

As for the pharmacovigilance business, Zhao Yanming has established pharmacovigilance cooperation relationships with enterprises of different sizes, including central enterprises, joint ventures, R & D enterprises, and listed companies.

The company’s clinical phase I and pharmacovigilance business are steadily advancing. It is currently in the early expansion stage and has a small income volume. It is expected to be in a break-even state for a long time.

3.

Investment suggestion The company’s non-zero parent net profit growth rate in the first quarter of 2019 is slightly larger than expected, but considering that the first quarter is the off-season business, the low profit base is affected by the increase in costs, and the company’s fundamentals have not changed.Long-term sustainable growth.

The company is an absolute leader in the field of pre-clinical safety evaluation of domestic pharmaceutical outsourcing, and is the only professional pre-clinical CRO company in China with two GLP institutions.

To improve, the company continued to expand production capacity, continuously strengthened the construction of its personnel team, and had too many orders in hand to ensure sustainable growth in performance.

At the same time, the company actively expands its business areas and enhances its overall competitiveness. The early clinical and pharmacovigilance businesses are expected to bring new performance increases in the future.

In addition, the pharmaceutical outsourcing industry is highly prosperous and the market demand is constantly expanding.

We are optimistic that the company will maintain a rapid growth as a leader in preclinical safety assessment expansion. It is estimated that the net profit attributable to mothers will be 1 in 2019-2021.

55/2.

17/2.

93 trillion, corresponding to 0 EPS.

96/1.

35/1.

82 yuan, corresponding to PE is 48/34/25 times.

Maintain the “Recommended” level.

4.

Risks prompt increased competition in the industry; risk of loss of core technical staff; capacity expansion is less than expected.

Who stands at the top of the 2019 debt-based tragic reminder, Jinhexin Zunzun pure debt plunged 16%

Who stands at the top of the 2019 debt-based tragic reminder, Jinhexin Zunzun pure debt plunged 16%
Original title: Who stood on the top of the debt base in 2019 to create a golden bond letter’s honorable pure net debt plummeted 16% China Economic Net Beijing January 15 (Reporter Li Rongkangbo) The 2019 closing battle has endedBoth equity funds and fixed-income funds have achieved good yields. “It is better to buy stocks than stocks” has also become the voice of many citizens this year.Even so, the remaining part of the replacement fund cannot be ignored, and only one pure bond fund of Chuangjin Hexin Fund Company has invested in the replacement.78%.  Affected by the refund of institutional funds, the scale of Chuangjin Hexin’s distinguished surplus pure debt plummeted. The 2019 semi-annual report shows that the fund’s distribution has been replaced to 5.70,000 copies, its first half revenue was only 1254.84 yuan, but the operating cost is 1.160,000 yuan, of which 9916.99 yuan is the audit fee, the net profit can be 1.30,000 yuan.In essence, due to the sudden drop in scale, the investment operation of Chuangjinxin Trust’s distinguished pure debt has already made ends meet.  Chuangjin Hexin Fund Management Co., Ltd. was established in July 2014, but its management scale has grown slowly. At the end of the third quarter of 2019, its management scale was only 169.USD 8.2 billion, and mainly rely on solid income products, equity funds accounted for only more than 20%.In addition, the company’s subsidiary products are too “mini-sized” too much. Flushing data show that from the latest fund share disclosures, the company has more than ten subsidiary funds with less than 50 million shares.  Chuangjinhexin Prestige Pure Pure Bond Co., Ltd. has experienced a decline in performance of over 16% in 2019.Wind data shows that there are 14 bond funds that have increased by more than 30% in 2019, all of which are convertible bond funds.  Compared with the dazzling performance of convertible bond funds, the performance of some pure bond funds is not satisfactory. Specifically, in 2019, there were 30 debt bases to make up for the closing, and most of the debt bases fell within 5%.Only 5 funds qualify for more than 5%.In this case, Chuangjinxinxin pure debt plunged 16.78% is really puzzling.  Chuangjin Hexin Prestige Pure Pure Bond was established in January 2016. In a few years, the fund’s performance has been good, increasing by 2 in 2017 and 2018 respectively.81%, 7.48%, ranking relatively high among similar funds.However, after entering 2019, the fund’s performance has plummeted, replacing 3 in each of the four quarters.22%, 6.05%, 6.97%, 1.61%.After the decline in 2019, the fund’s previous gains have been swallowed up, and until December 31, 2019, its cumulative unit net value became zero.9680 yuan.  According to the China Economic Net reporter’s inquiry, in several years of the United Nations, the positions of Chuangjin Hexin’s distinguished pure and pure bonds were relatively dispersed, usually holding 5 or 6 bonds, but since the fourth quarter of 2018, the fund’s position concentration has increased, especiallyIt is the first three quarters of 2019. The fund only holds 1 bond. Among them, it has a heavy position of China Development Bank 1701 in the first quarter, a heavy position of China Development Bank 1804 in the second quarter, and a heavy position of 19 government bonds 01 in the third quarter.  According to the reporter’s understanding, the single position style of Chuangjin Hexin’s distinguished pure debt may be helpless and affected by scale suppression.After reviewing the fund’s regular report, it is not difficult to find by comparing the scale data since its establishment. Prior to the third quarter of 2018, the scale of Chuangjin Hexin’s distinguished surplus debt has been relatively stable, and from the semi-annual data, institutional holdingsRatio is over 99%.As of the end of the third quarter of 2018, the total share of Chuangjinhexin Premium Pure Bonds was 4.9.8 billion copies, with total assets of 5.3.3 billion yuan.  However, in the fourth quarter of 2018, Chuangjinhexin Premium Pure Bonds was suspected of being redeemed by institutional investors.According to the Four Seasons Report, as of the end of the fourth quarter, the fund had only 79 remaining.670,000, the institutional holding ratio from 99 at the end of the second quarter of 2018.99% dropped to 62.76%.The semi-annual report for 2019 shows that the fund’s share continues to reach 5.70,000 copies, all held by individual investors.The fund’s share increased slightly in the third quarter of 2019, but it was only 7.720,000 copies.  The withdrawal of institutional funds may be the key to the performance of Chuangjinhexin’s distinguished surplus pure debt.The 2019 interim report data shows that the fund’s income in the first half of the year was only 1254.84 yuan, compared with 1534 in the same period in 2018.850,000 yuan; the first half of the maximum operating expenses is 1.160,000 yuan, of which 9916.99 yuan are audit fees, net profit can be 1.30,000 yuan.In essence, due to the sharp reduction in the size of the fund, the investment operation of Chuangjinhexin’s distinguished pure debt has exceeded its means.  The third quarterly report for 2019 shows that Chuangjin Hexin’s distinguished pure and pure debt has had a net asset value of less than 50 million yuan for 60 consecutive working days. According to the relevant provisions of the “Administrative Measures for the Operation of Publicly Raised Securities Investment Funds”, its fund manager must report to ChinaThe CSRC reports and proposes solutions.  Veteran Zheng Zhenyuan “One drag 20” created Jinhexin ‘s weak products. Miniaturization seriously created Jinhexin ‘s distinguished pure debt. After the establishment of the dual fund manager model, Wang Yibing and Zheng Zhenyuan jointly took the helm. Wang Yibing retired on August 15, 2019.Management so far.Wang Yibing and Zheng Zhenyuan took the helm for 3 years and 221 days, during which time the two paid zero.37%; Zheng Zhenyuan has independently managed the fund for nearly 5 months, and his return on employment has only been -3.79%.  Wang Yibing entered the securities and futures industry in 1994. As the company’s market representative, he served as the red vest of Hainan China Merchants Futures Exchange.Entered the stock market in 1997 and experienced sharp changes in various securities markets. He has a mature investment mentality and rich investment experience.He has served as senior transaction manager of the fixed income department of First Venture Capital, investment manager of the asset management department, and deputy director of investment of the fixed income department.The current head of the fixed income department of Chuangjin Hexin Fund Management Co., Ltd.  Zheng Zhenyuan joined the First Venture Securities Research Institute in July 2009 as a macro bond bond.In July 2012, he joined the Asset Management Department of First Venture Capital, and successively held positions such as macro bond bonds and investment sponsorship.He joined Chuangjin Hexin Fund Management Co., Ltd. in August 2014.  It is worth noting that Zheng Zhenyuan currently manages 20 funds at the same time (by category and combined calculation). Although his accumulated service life is more than 4 years and his management experience is relatively rich, the strength of a fund manager is limited after all.It is difficult to manage all 20 funds, not to mention that the 20 funds managed by Zheng Zhenyuan also span three types of hybrid, bond and currency funds.  According to the data, Chuangjin Hexin Fund Management Co., Ltd. was established in July 2014, but its management 杭州夜生活网 scale has grown slowly. It has just exceeded 20 billion U.S. dollars at the end of the first quarter of 2019, but the company has maintained its 20 billion scale for too long.At the end of the third quarter of 2019, its management scale was 169.8.2 billion.  Further analysis can find that the management scale of Chuangjin Hexin Fund Co., Ltd. mainly relies on debt-based, cargo-based and other solid-income products, which continued to the end of the third quarter of 2019, and the company’s subsidiary debt-based scale was 99.05 trillion, the size of the cargo base is 31.At 13 trillion, the scale of debt-based and cargo-based funds totaled more than 13 billion, accounting for more than 76% of the total scale, and equity funds accounted for just over 20%.  If the sluggish scale has damaged the development of Chuangjin Hexin Fund to a certain extent, the excessive reliance on the outsourced funds of the institution has brought great changes to the operation and performance of the fund.According to HeTong.com, the data for the third quarter report of 2019 shows that of the 71 funds (the A / B / C categories are separately calculated) for the three quarterly reports of Chuangjin Hexin Fund, 40 single investors have a period-end holding ratio of more than 20% Of the cases, accounting for more than half, of which 26 funds held a single investor at the end of the proportion of more than 50%, 16 funds held a single investor at the end of the proportion even exceeded 90%.  In addition, Chuangjin Hexin Fund’s products are “mini-sized” seriously. Flushing data show that from the latest fund share disclosure, the company has more than ten funds with less than 50 million shares. Among them, equity funds include Chuangjin Hexin Financial Real Estate.Stocks, Chuangjinhexin Healthcare Stocks, Chuangjinhexin New Energy Automobile Stocks, Chuangjinhexin Chunlai returns for one year, scheduled to open, etc. Bond funds include Chuangjinhexin distinguished pure debt bonds, Chuangjinhexin convertible bonds selected, ChuangjinhexinBonds, Chuangjinxinxinhuijia will issue bonds for three months.  Initial sources said that the excessive number of mini-funds and their impact on the brand image of fund companies will limit the number and pace of new product issuance to a certain extent.According to the guidance of fund regulators, if the total number of mini-funds affiliated with a fund company exceeds 10, the products declared will no longer be duplicated; if the number of mini-funds of the same type exceeds 3, and products of the same type are no longer replaced, many fund companies will chooseActive liquidation of mini funds.  In itself, Chuangjinhexin Fund Company also experienced fund liquidation on many occasions. On November 4, last year, Chuangjinhexin Premium Price Growth Stocks issued a fund contract termination and fund property liquidation announcement. Chuangjinhexin Dingxin Ruishu deadline open-mix was also released in 2019.Liquidation report.Existing Chuangjin Hexin Jucai mixed, Chuangjin Hexin Xin’an security-guaranteed hybrid, and Chuangjin Hexin Ruihe regularly open hybrid liquidation.