The daily limit on January 23 knew early: seven good prospects for fermentation

The daily limit on January 23 knew early: seven good prospects for fermentation

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

  Sina Finance News on January 22 news, there are seven major positives that may affect the stock market tomorrow, specifically: Pudong Construction: Pudong Development Group premium 14.

6% offer to buy 7% of the company’s equity Pudong Construction (600284) announced on the evening of January 22 that in order to increase the shareholding in the company to further consolidate and enhance control of the company, the company’s controlling shareholder, Pudong Development GroupPart of the tender offer issued by all shareholders of the listed company, the number of tender offer shares was 67.92 million shares, the share ratio was 7%, and the tender offer price was 7.

38 yuan / share, the latest budget of the earlier company (6.

44 yuan / share) premium 14.

6%.

  COSCO SHIPPING: It is estimated that the net profit in 2019 will be about 67.

6 ppm exceeded the increase of 449%. COSCO SHIPPING (601919) released a performance forecast on the evening of January 22, and expects to realize a net profit of about 67 in 2019.

Six ten percent, an increase of about 449% a year.

During the reporting period, the company’s container throughput business, container volume, total port business and company operating income achieved average growth over the same period of the previous year; the company’s affiliated Orient Overseas (International) Co., Ltd. completed the sale of Long Beach Container Terminal in October 2019, resulting in a one-timeNet income and good shareholder returns.

  Hesteel Resources: The net profit for 2019 will increase by 205% -235% for two years. Hesteel Resources (000923) 北京夜生活网 will reproduce the performance forecast in the evening of January 22, and the 2019 profit will be 4.

100 million to 4.

500 million US dollars, an annual increase of 205.

63% -235.

45%.

During the reporting period, the company’s operating performance continued to increase, mainly due to the high annual price of iron ore products, which significantly increased the profitability of iron ore products.

  Shuijingfang: Net profit for 2019 is expected to increase by 43%. Shuijingfang (600779) released a performance forecast on the evening of January 22, and it is expected that net profit for 2019 will increase by about 2 from the same period last year.

47 million US dollars, an increase of about 43% each year; the proportion of operating income and the same period of the previous year will increase by about 26%; the proportion of sales and the same period of the 佛山桑拿网 previous year will increase by about 4233 thousand liters, which will increase by about 46% each year, of which, the sales of high-end wineThe annual increase is 26%, and the sales of low-grade wine (base wine) increase by 109% each year.

  XCMG: Net profit for 2019 is expected to increase by 75 in ten years.

98% -95.

53% of Xugong Machinery (000425) disclosed the performance forecast on the evening of January 22, and it has a profit of 3.6 billion to 4 billion US dollars in 2019, an increase.

98% -95.

53%.

Benefiting from the steady growth of domestic fixed asset investment and the need to update the stock of construction machinery and equipment, the construction machinery industry continues to maintain its growth momentum.

  Longji shares: long-term 129.

Significant sales contract of 9.8 billion US dollars Longji shares (601012) announced on the evening of January 22 that the company and Tongwei Solar (Chengdu) Co., Ltd. interconnect silicon wafer sales framework contract, from 2020 to 2022 the company will supply monocrystallineThe silicon chip is proposed to reach cooperation. The total contract size of the contract is 4.8 billion pieces, and the total contract is expected to be about 129.

9.8 billion yuan (excluding tax), accounting for approximately 59% of the company’s 2018 revenue.

12%, this contract is a particularly significant sales contract, which will have a positive impact on the company’s current and future operating results.

  Yangtze River Securities: 2019 pre-profit exceeds 1.7 billion yuan and exceeds the value-added 563%. Changjiang Securities (000783) announced on the evening of January 22 that it expects net profit in 2019 to be 17.
.

0.6 billion, an annual growth of 563.

27%.

In the fourth quarter of 2019, the company made a total of 3 provision for asset impairment.

8.8 billion yuan.

Tongkun Co., Ltd. (601233): Oil price rebounds, and demand for textiles improves. Recommended PTA + polyester filament leader

Tongkun Co., Ltd. (601233): Oil price rebounds, and demand for textiles improves. Recommended PTA + polyester filament leader

Recent situation of the company The recent rebound in oil prices, the easing of Sino-U.S. Trade frictions, and the better margin of demand for textile and apparel terminals,深圳桑拿网 the price and profitability of the polyester industry chain are rapidly repaired, especially the breakthrough of the PTA + polyester filament industry chain.Profit continued to improve.

Comment on rising oil prices, support for the cost of polyester industry chain.

Affected by Iran’s geopolitics and the sharp drop in U.S. crude oil inventories, international crude oil prices have stabilised upward, of which Brent crude oil was 60 from early June.

$ 5 / barrel rose to the current 66.

6 dollars / barrel, an increase of 10.

1%.

Supported by raw material costs, polyester filament (POY) increased from 7,335 yuan / ton at the bottom in early June to 8,675 yuan / ton (+18).

3%), the PTA rose from 5,430 yuan / ton at the bottom in early June to 6715 yuan / ton (+23.

7%), PX outer disk (Korea) increased from US $ 78深圳spa会所7 / ton in early June to US $ 819 / ton (+4).

1%).

The increase of polyester filament and PTA was significantly higher than that of PX.

Sino-U.S. Trade frictions have eased, and the demand for downstream textile and apparel terminals has improved.

Recently, the United States announced that it will no longer impose new tariffs on China, and there has been a easing indicator of Sino-US trade friction.

The United States is China’s largest exporter of textiles and garments, with exports accounting for about 17%. The easing of trade frictions and attempts to boost market confidence have improved demand margins.

In terms of inventory, the June inventory of polyester filament POY / FDY / DTY dropped by 15/16/14 days, and the procurement intention of downstream weaving enterprises was strong.

The profit of the industrial chain improved, focusing on PTA + polyester filament twice.

The change in the supply-demand pattern of the PX-PTA-polyester filament industry chain from 2019 to 2022 is conducive to the transfer of industrial chain profits to PTA + polyester filament.

We estimate that 2018?
In 2021, the CAGRs of PX, PTA, and polyester filament yarns are 39%, 14%, and 4%, respectively.

The increase in supply of the polyester industry is lower than that of the PTA and PX industries, and the industry concentration trend has increased.

PTA production capacity is mainly concentrated in 2020 and beyond.

We estimate that the price difference of polyester filament / PTA / PX at the end of June was 1239/1846/1862 yuan / ton, which increased by 188/1112 / -622 yuan / ton earlier in early June.

Polyester filament + PTA can obviously repair profit, PX profit is compressed.

As a leader in the polyester filament industry, Tongkun Co., Ltd. has a capacity of 600 tons and a PTA 370 throughput, which has significantly benefited from the profit repair of the industrial chain.

It is estimated to maintain Tongkun ‘s “Outperform” rating.

In the second quarter, the polyester industry’s profit is better, and we expect the company’s Zhejiang Petrochemical Q4 to participate in production. We raise the company’s 2019?
2021 EPS to 1.

54 yuan, 2.

00 yuan, 2.

33 yuan.

With reference to comparable listed companies in the polyester industry, a target price of 20 is given.

0 yuan, 27% growth space, corresponding to 13 times the P / E estimate in 2019.

Risks Crude oil prices fluctuated sharply, downstream demand was weak, and convertible bonds were diluted for profit.

Golden Mantis (002081) Semi-annual Report Review: Maintaining Steady Growth and Good Financial Structure to Improve the Company’s Order Acceptance Ability

Golden Mantis (002081) Semi-annual Report Review: Maintaining Steady Growth and Good Financial Structure to Improve the Company’s Order Acceptance Ability
The company recently released its latest semi-annual report. The company’s operating income in 2019H1 was 137.9.6 billion, an increase of 26.51%; net profit attributable to mother 11.08 million yuan, an increase of 12.05%.Opinions are as follows: The company’s order growth rate remained high in the first half of the year, with residential orders performing well in 2019H1’s new breakthrough order of 224.7 billion, an increase of 25.35%, mainly due to the significant increase in the growth rate of public order, residential order growth rate maintained a high growth.Of which public order 127.4.4 billion, an increase of 23.68%, an increase of 21 over the previous year.71 single, or benefit from the steady growth of infrastructure and real estate investment in 2019, and the company’s ability to expand financial reporting transfer; residential orders 83.57 billion yuan, an increase of 27.20% (Q1 / Q2 growth rates are 12 respectively.94% / 42.(42%), a decrease from the previous year’s growth rate. Since 2019, the growth rate of Jindoutou’s offline stores has stabilized. It is expected that many stores will enter the period of income release in the future.As of June 30, 2019, the company had signed 621 uncompleted engineering orders.700 million, about 2018 revenue2.5 times, to provide a certain guarantee for future income growth. The company’s revenue has achieved high growth, and the gross profit margin has basically remained stable. In 2019H1, the company completed operating income of 137.9.6 billion, an increase of 26.51%.Which decoration business 102.6.3 billion, an annual increase of 25.78%; Internet home improvement 17.20 billion, an increase of 35.02%, thanks to the gradual landing of new home improvement orders in the early period, the contribution of offline stores has gradually increased.17.Receipt at the camp.50 billion, an increase of 34 in ten years.63%. The company’s gross profit margin is 18.92%, an increase of 2 per year.The 51 single ones were mainly due to changes in accounting standards and reclassification of R & D expenses in operating costs, excluding this factor, the gross profit margin decreased slightly by 0.3 units.The gross profit margin of the decoration business was 17.21%, an increase of 1.80 units; internet home improvement gross margin 23.22%, down 7.The 16 single ones may be caused by the rapid increase in the number of stores, the overall order cost ratio of the store, and the relative improvement in the proportion of customized fine decoration in the gross margin of the Internet home improvement. The company’s period expense ratio decreased slightly, and the growth rate of net profit attributable to mothers accelerated to improve the company’s period expenses in 2019H19.61%, a decrease of 0 from the previous value under the same caliber.37 units.Of which selling expenses are 2.70%, a decline of 0 every year.42 units; administrative expenses 3.65%, a decrease of 0 every year.12 units; financial expenses budget 0.44%, an increase of 0 every year.33 units; R & D expense ratio 2.83%, a decrease of 0 every year.17 units.The company accrued a total of zero asset impairment and credit impairment losses.1.3 billion.The company’s net margin is 7.85%, down 1 from the same period last year.27 units.In the first half of the year, the company achieved net profit attributable to its mother11.08 million yuan, an increase of 12.05%. The company’s cash flow improved significantly in the first half of the year, and its working capital advantage highlighted the company’s cash-to-cash ratio of zero.9626, down 4 each year.15 averages; previous payout ratio was 0.8605, a decline of 5 per year.13 single, net reduction in cash flow from operating activities5.4.3 billion, the previous year’s limit, the company’s repayment situation in the first half of the year has improved compared to the same period last year.Company asset and liability accounting 58.21%, a decrease of 0 from the end of 2018.9 units, or due to the company’s large number of wealth management products due to repayment of some debts.In combination with the company’s cash on hand, we believe that the company’s balance sheet still has better expansion capabilities.The number of reports, the company completed the first grant of the budget stock incentive plan, lifting the ban requires the net profit growth rate to reach 15 in 2019-2021.0% / 13.1% / 11.6%, we believe that the company is likely to meet the requirements for lifting the performance of the ban. Investment suggestion The company’s performance in 2019H1 will maintain steady growth. The growth rate of public order and residential orders in the first half of the year will be high, and the company’s future performance will have better protection.As a leader in subdivided industries, the company’s performance has grown steadily, its financial structure is good, and its offline store revenue has been gradually increased. It is recommended to discover the company’s consumption attributes.We 重庆耍耍网 believe the company is expected to obtain a higher estimated premium against the background of the overall order growth in the public service industry.The company’s EPS for 2019-2021 is expected to be 0.94, 1.08, 1.21 yuan / share, corresponding to PE, 10, 9, 8 times.Maintain “Buy” rating. Risk warning: Long-term fixed asset investment growth accelerates downward, home improvement business falls short of expectations

Limin Shares (002734) Semi-annual Report Review: Interim Report with Beautiful Results and Weiyuan Start Together

Limin Shares (002734) Semi-annual Report Review: Interim Report with Beautiful Results and Weiyuan Start Together

Event: The company announced in the 2019 Interim Report that the company achieved operating income in the first half of 201910.

8.8 billion, an annual increase of 52.

65%, net profit attributable to mother 1.

9.9 billion, an annual increase of 92.

98%.

At the same time, it is expected that net profit attributable to mothers will be realized from January to September 20192.

70-3.

10 billion, an increase of 80% to 100% in the same period. Sales of main products increased. Consolidated Weiyuan’s performance. The company’s shares in Xinhe Company (34%). The production capacity of chlorothalonil increased to 3 at the end of 2018.The market price has always remained above 50,000 / ton, and Xinhe Company achieved net profit in the first half of 20192.

6.8 billion, up 193 previously.

54%, the company’s investment 都市夜网 income exceeded 1 ppm.

The company adjusted its sales strategy for Sensen products, the sales volume increased rapidly, and it successfully explored the South American market. The profitability of its holding subsidiary Shuangji Company returned to normal, and it achieved a net profit of 11.73 million in half a year, which is expected to reach over 20 million.

In May 2019, the company completed the acquisition of Weiyuan Assets Group and consolidated the report.

Weiyuan Jiawei salt, avermectin and other products sold well, and the net profit reached 29.82 million in just one month. It will exceed the probability of fulfilling the performance promise with a high probability.

100 million, the company ‘s mid-term performance is beautiful, new products and new projects are on the agenda, the company ‘s equity incentives are 重庆耍耍网 complete and the incentive mechanism is completed. The company ‘s 10,000-ton Daisen series DF project has been installed and commissioned. The project of tons of water-based preparations is also progressing in an orderly manner.

The construction of the fourth chlorothalonil production line in Xinhe has begun, and it is expected to reach the end of the year.

In terms of Weiyuan, in the future, glufosinate cation and methanoate will expand the internal Mongolian base. The company will also launch a comprehensive incentive mechanism for the equity incentive plan in a timely manner, and the company will enter a period of rapid development.

Cooperating with Weiyuan, we will continue to maintain the “highly recommended” rating company Daisen fungicides successfully opened up the South American market, sales continued to increase; aluminum triethoxylate, frost urea cyanide underwriting for major customers, production and sales boom; mesotrione amountThe prices rose; the chlorothalonil industry of the participating subsidiaries was booming and the production capacity continued to expand.

Weiyuan Biochemical Abamectin products are stable and profitable, and the Inner Mongolia project is worth looking forward to.

Considering Weiyuan’s consolidation for 7 months in 2019, we expect the company’s combined net profit for 2019-2021 to be 3 respectively.

56,4.

15, 4.

97 ppm, the current sustainable corresponding PE is 13, 11, and 9 times. Maintaining the “strongly recommended” rating. Risk reminder: the price of the product has dropped, the company’s environmental protection has fallen short of expectations, and the nominal performance commitment has fallen short of expectations.

Tiandi Technology (600582) 2018 Annual Report Comments: Long-term performance is slightly lower than expected orders to maintain high growth

Tiandi Technology (600582) 2018 Annual Report Comments: Long-term performance is slightly lower than expected orders to maintain high growth

This report reads: The boom of the coal machine industry continues, and the company’s orders continue to maintain high growth, maintaining the level of overweight.

  Investment Highlights: Objective: Maintain Overweight rating.

公司2018 年营业收入/归母净利分别为179 亿\9.6.2 billion, an increase of 16.

65% / 2.

08%, slightly lower than expected.

Taking into account that the settlement strength in 18 years is lower than expected, the profit forecast for 19-20 is lowered, and the corresponding EPS is 0.

30 yuan (the original value is 0.

37 yuan), 0.

35 yuan (the original value is 0.

45 yuan), and EPS0 in 2021.

41 yuan. As the single item in the new year of 2018 still maintains high growth, the target price is maintained at 6.

00 yuan, maintaining the overweight rating.

  Performance was slightly lower than expected, but orders still maintained high growth.

①The company’s coal machine manufacturing business income was 73.

9.1 billion, an increase of 17 in ten years.

06%, safety equipment business income 25.

6.9 billion, an increase of 42 in ten years.

35%, environmental protection equipment income 7.

2.7 billion, an increase of 19 years.

51%, revenue from coal production and technology projects were 19.

6.9 billion, 29.

6.1 billion, basically unchanged, with project income of 19.

8.4 billion, an annual increase of 29.

42%.

Initial overall revenue was 17.9 billion yuan, an increase of 16 武汉夜网论坛 in ten years.

65%, net profit 9.

6.2 billion, basically basically the same, a year-on-year increase of 56% (21.2 billion) in 2017, the settlement intensity and profitability are slightly lower than expected.

② In 2018, the company’s newly signed contract value was 25.5 billion yuan, an increase of 20% year-on-year, and orders continued to maintain high growth.

  The profitability of coal enterprises will continue to grow, and the coal machine industry will maintain its prosperity.

According to the National Bureau of Statistics, in 2018, coal mining and washing industries nationwide and above have gradually realized operating income of 24,645.

800 million, an annual increase of 4.

3%, the total profit is 2888.

200 million, a five-year growth of 5.

2%. At present, coal companies still maintain a certain profit growth rate, and the boom of the coal machine industry will remain.

  Catalyst: Rising coal prices.

  Risk Warning: Coal prices exceed a reasonable range, and coal companies’ capital expenditure completion is beyond expectations.

CV Source (002841): Intelligent Interactive Leadership Education Conference Promotes Continuous Growth

CV Source (002841): Intelligent Interactive Leadership Education Conference Promotes Continuous Growth
Event: The company achieved revenue of 130 in the first three quarters of 2019.10,000 yuan, an increase of 8 in ten years.32%; realized net profit attributable to mother 14.140,000 yuan, an increase of 66 in ten years.32%.Predict the net profit attributable to mothers for ten years in 201914.56 ppm-17.07 million yuan, an increase of 45% -70% in ten years. Benefiting from the rise in the smart board 佛山桑拿网 business and the decline in upstream raw material prices, the company’s profits have shown a rapid growth trend. At present, the development of the global LCD TV market has entered a platform stage, the demand for LCD TVs has become saturated, and the sales and penetration of smart TVs have continued to rise.The intelligentization of board cards has become the development trend of TV board cards. The company increased the resource occupation of smart board products, and carried out diversified joint development and product innovation with customers on smart board cards, thereby further optimizing the board card business structure and covering part of theThe impact of multiple positive factors such as the downward adjustment of the market price of electronic raw materials has strengthened the profitability of the LCD control card business. The informatization trend is driving the growth of demand for intelligent interactive products. The company’s leading scale is expected to fully benefit from the data of China Industry Information Network. In 2018, the global intelligent display interaction industry market size was USD 196.8 billion, and China’s intelligent interactive market size was 95.1 billion. It is expected thatBy 2020, the global smart display interactive industry market will reach 3000 trillion, and the Chinese market will reach 1,600 trillion.According to the company’s semi-annual report for 2019, the company’s interactive smart tablet products have a market share of more than 30% in the education and conference market, which is expected to fully benefit from the wave of smart interactive product popularity dividends. The investment proposal estimates that the company’s attributable net profit for 2019-2021 will be 15 respectively.6/20.3/24.3 ppm, corresponding to 2 EPS.38/3.10/3.71 yuan; considering the company’s leading position in the field of display boards and interactive smart tablets, the company is given 40 times PE in 2020, with a target price of 124 yuan, covering for the first time and given a “buy” rating. Risks indicate the risk of a decline in market prospects; the risk that business development in segmented markets fails to meet expectations; the business risk of foreign exchange hedging.

Macalline (601828) Company Review: Revenue Growth Slightly Continues to Advance New Nested Home Retail

Macalline (601828) Company Review: Revenue Growth Slightly Continues to Advance 淡水桑拿网 New Nested Home Retail
Investment Highlights Event: Macalline released the third quarter report of 2019, and the company achieved revenue of 118 in the third quarter before 2019.24 ppm, an 18-year increase.34%; net profit attributable to mother 37.83 ‰, 9 years ago.06%; non-recurring gains and losses14.71 ppm, of which income from changes in fair value of investment properties13.88 ppm, all narrowed compared to the same period last year; non-net profit deduction of 23 was achieved.12 ppm, an increase of 5 in ten years.13%.Net cash flow from operating activities 29.25 trillion, a decrease of 8.34%.Among them, the company achieved revenue of 40 in the single quarter of 19Q3.67 ppm, an increase of 12 in ten years.41%, achieving net profit attributable to mother 10.78 ‰, the ten-year average of 3.9%, deducting non-net profit 5.99 ppm, a ten-year increase2.5%.  Revenue growth increased slightly and financial expenses increased.The company’s overall gross profit margin for the first three quarters of 2019 was 67.07% (-0.92 points.), Net interest rate 34.26% (-9.69 points.), Of which 19Q3 single quarter gross profit margin 67.26% (-1.63 points.), The construction business with the highest gross profit margin grew to a decline in overall gross profit margin.Expense rate for the first three quarters (plus R & D expenses) 36.61% (+6.2pct.).Among them, the selling expense ratio is 12.81% (+1.43pct), advertising and promotion costs increased; management expense ratio (plus R & D expenses)98% (+0.64pct), financial expense ratio 13.83% (+2.02pct), mainly due to the increase in interest-bearing debt and rising financing costs. The company expects to increase the proportion of long-term debt and optimize the debt structure.  Self-employed business: Keeping stable, the rental mall’s revenue increased significantly in the first three quarters.In the first three quarters of 2019, the company’s self-operated business income was 59.400 million (+10.7%), gross profit margin is 79.8% (+2.6 points.).The company operates 85 self-operated shopping malls (earlier +5), with a total operating area of 764.96 Magnum (earlier +73.10,000 countries).  Among them, 1) Revenue from own shopping malls 49.9.4 billion (+9.1%), gross profit margin is 86.6% (+2.2pct.), Gross profit margin further improved.2) Rental mall revenue 9.3.5 billion (+18.7%), gross margin 46.4% (+7.4); 3) Revenue from joint ventures and joint venture malls 3.300 million (-19.1%), gross margin of 62.1% (-6.7pct), revenue growth was interrupted.  Commissioned business: The project concentrated in the fourth quarter and the gross profit margin of the business was extended.As of the third quarter of 2019, the company operated 234 commissioned shopping malls (+6), and opened 31 franchise home building materials stores / industry streets (not involved in subsequent operation and management).19 The first three quarters of the Commission’s management business realized revenue 32.900 million (+18.4%), the management area of the shopping mall is 1252 Magnum (+4.14%), with a gross profit margin of 68.2% (+7.6pct).  The scale of store operation market is leading, and digital marketing opens a new era of marketing.1) The self-operated core competitiveness is superimposed on the asset-light model to strengthen channel value.According to the average report, the operating areas such as self-employed and commissioned management have been further increased, and product channel expansion has accelerated under the asset-light model.2) Steady growth of traditional businesses and accelerated development of emerging businesses.In the third quarter, the performance of traditional businesses improved comprehensively, and the profits of emerging businesses continued to grow.3) The digital marketing system is advancing steadily.Alibaba joined the board of directors and started a new round of model restructuring in the furniture industry.IMP smart marketing helps to create a super traffic field, and the “smart intelligence” era highlights the value of top furniture channels.  Investment suggestion: We believe that with the omnichannel flooding of the home business platform service provider positioning, along with the sinking of project management channels and business diversification, the company’s performance is expected to continue to grow steadily.We predict that the company will achieve revenues of RMB 166.5 billion, RMB 28.6 billion and RMB 20.6 billion in 2019-21, a year-on-year increase of 16%.1%, 12.8%, 10.7%, realized net profit return to mother 49.5, 55.1, 60.900 million, an increase of 10 in ten years.6%, 11.2%, 10.5%, the corresponding EPS is 1.49, 1.55, 1.72 yuan to maintain the “overweight” level.  Risk reminder: The degree of real estate boom reduces risks, and the development of projects under management is less than expected.

Shanying Paper (600567): Convertible bonds approved to help the company’s long-term development

Shanying Paper (600567): Convertible bonds approved to help the company’s long-term development

Event: The company issued an announcement: The company’s application for convertible bonds was reviewed and approved by the CSRC’s Issuing Committee.

  Opinion: The application for convertible bonds is approved, which saves costs while improving environmental protection, and improves the operating efficiency of the enterprise.

The total amount of funds raised by the convertible bonds this time does not exceed 18.

600,000 yuan, the following three projects are proposed, 1.

1. Comprehensive utilization of papermaking wastewater resources by Aituo Environmental Energy (Zhejiang) Co., Ltd .; 2.

2. Comprehensive solid waste utilization project in Yangjiachang Industrial Park, Gong’an County;

Shanying International Holdings Co., Ltd. comprehensive utilization of resources power generation project.

The planned investment scale of these three projects is 10 respectively.

82, 5.

69, 7.

7.6 billion yuan, the proposed investment amount for the fundraising is 7.

8, 4.

0, 6.

800 million.

With the increasingly stringent national environmental protection policies, companies that used to deal with solid waste for the company have withdrawn from the market one after another. The previous mode of disposal of waste resources has become unsustainable.

After the implementation of this fund-raising project, it will be possible to realize the internal digestion of solid waste, and it will also improve the company’s operating efficiency through its own use or online sales of electricity to save costs.

  Production capacity continues to expand, focusing on long-term cost advantages of leading companies.

The company’s central China base was completed and put into operation in the first half of this year, with a capacity of nearly 600 tons of containerboard. At the same time, the company has a total annual capacity of 450 recycled fiber in North America, Europe and other places.

In addition, the company’s subsidiary Phoenix Paper can provide 36 supplementary pulp 重庆耍耍网 paper and 12 supplementary recycled pulp production capacity.

With the continuous release of production capacity, the company’s leading company has been constantly consolidated.

The current domestic and foreign waste price difference is about 950 yuan / ton, and the company’s first nine batches of external waste have a dark color of 90.

20 nominal, significant cost advantages.

In addition, the company’s subsidiary Phoenix Paper Co., Ltd. launched a 12-recycled pulp production line for technical transformation, and at the same time, it will reach 30 supplementary recycled pulp supply agreements with strategic partners to further consolidate the company’s raw material advantages.

We believe that the cost advantage of leading companies in the future will continue to strengthen and long-term competitiveness will be 重庆耍耍网 outstanding.

  Profit forecast and estimation: The company’s EPS for 19-21 is expected to be 0.

33, 0.

35, 0.

38 yuan, corresponding PE is 10X, 9X, 8X.

Maintain “Buy” rating.

  Risk warning: downstream demand continues to expand and expand, and the original real growth price

COSCO HI-ENERGY (600026): The performance exceeded expectations and the cycle continued upward. In the third quarter, the initial low season can be deployed at a low level.

COSCO HI-ENERGY (600026): The performance exceeded expectations and the cycle continued upward. In the third quarter, the initial low season can be deployed at a low level.

The first quarter of 2019 results exceeded expectations. COSCO Haineng announced the first quarter of 2019 results: operating income 38.

48 ppm, an increase of 59 in ten years.

9%, mainly due to the increase in the company ‘s capacity, freight rates, and the tail-lift effect of the acquisition of Sinopec ‘s oil product fleet in March 2018; net profit attributable to the parent company4.

280,000 yuan, an annual increase of 595% (the same period last year, 86.48 million yuan), corresponding to a profit of 0.

11 yuan.

The substantial improvement in oil freight rates led to better-than-expected results: Although capacity delivery was supplemented (19 VLCCs were delivered in the first quarter), benefiting from the increase in US export volume and US sanctions against Venezuela, the demand for long-haul routes increased.: The average daily revenue of the Middle East-China (TD3C) route is US $ 27,948 / day, a continuous increase of 243%, and the daily revenue of other major ship routes increased by 50% -220%.

At the same time, the company takes advantage of scale and locks high freight rates through long routes to outperform the market.

According to the company’s performance promotion PPT, the company’s foreign trade oil transportation business revenue increased 73% to 22 in the first quarter.

7 ppm, gross margin increased by a maximum of 33 units to 18.

91%.

Domestic trade business contribution is relatively stable: revenue 11.

90,000 yuan, an increase of 51 in ten years.

86% (mainly due to the contribution from the acquisition of the oil product fleet), the gross profit of the domestic crude oil business1.

86 ‰ (7% reduction in one year), gross profit margin is 30.

6% (previously a slight decrease of 4.

7 averages).

The scale of LNG fleet increased, and profit before tax increased by 90%. In the first quarter of 2019, 3 new LNG vessels were newly received, which increased by 10 each year, and the profit before tax of LNG transportation1.

380,000 yuan, an annual increase of 90%.

The development trend maintains the judgment that the fundamentals of oil transportation bottomed out and the company’s performance elasticity was large during the upward cycle.

Looking forward, US crude oil exports are expected to continue to grow. Pipeline throughput is expected to break through in the third and fourth quarters, long-haul routes will support increased demand for turnover, and low-sulfur oils may limit or accelerate the dismantling of old ships.

In the short term, freight rates in the second and third quarters of the year are off-season during the year. If we consider the low-level layout, we suggest that we pay attention to the progress of China-US trade negotiations.

Domestic trade oil transportation (contributing stable profit of about 6 billion per year) and LNG transportation (contributing profit of about 6 billion per year after 2020) provide profit safety mats (accounting for 45% of revenue in 2018), and there will beincrease.

Earnings Forecast Due to better-than-expected results, we have revised our 2019 / 20e earnings forecast from 10.

22/20.

66 trillion increased by 8/8% to 11.

03 ppm / 22.

4.1 billion.

It is estimated and recommended that the company’s current A shares, H corresponds to 0 in 2019.

9/0.

6 times P / B, 23.

4/17.

6 times P / E, maintaining recommended level and target price of 8.

RMB 33/6.

36 Hong Kong dollars, corresponding to 1 in 19 years.

2/0.

8 times P / B, compared with current 30% and 24% space.

The risk oil freight rate exceeded expectations, and 青岛夜网 the delivery exceeded or exceeded expectations.

Jacques Technology (002409): Rapid development of semiconductor materials with performance in line with expectations

Jacques Technology (002409): Rapid development of semiconductor materials with performance in line with expectations
The company achieved operating income in the first half of 20198.610,000 yuan (ten years +32.73%), achieving net profit attributable to the parent1.One million yuan (ten years +136.76%), achieving net profit after deduction is 0.9.3 billion (twice +204.27%).The company achieved revenue in the second quarter alone4.460,000 yuan (ten years +30.78%, +7 from the previous quarter.21%); achieve net profit attributable to mother 0.59 trillion (decade +134.00%, +43 from the previous quarter.90%), net profit after deduction is 0.540,000 yuan (ten years +250.23%, +38.46%).It is expected that the company will realize net profit attributable to mothers from January to September.52-1.70 ppm, an increase of 62 in ten years.70-81.97%. The environmental protection progress is strict, and the flame retardant plate has been significantly improved.Due to the strict national security supervision and environmental protection policies, and the impact of the explosion in the Xiangshui County chemical plant, the company’s flame retardant plate production was affected in the first half of the year.Xiangshui Jacco achieved 杭州桑拿网 revenue of 75 due to the suspension of production.110,000 yuan, a decline of 98 every year.19%, net profit was 11.48 million yuan, down 994 in excess.90%; due to the rectification of the park, Binhai Jacques realized revenue of 45.92 million yuan, a year-on-year decrease of 38.76%; realized a net profit of 12.01 million yuan, a decline of 988 each year.02%.Overall, the flame retardants segment achieved revenue2.82 ppm, a decrease of 29 per year.74%, gross margin of 21.99%, an increase of 4 a year.43 points. The rapid development of semiconductor materials.KOMET and Jiangsu Senko were consolidated on April 30, 2018, and were consolidated for two months in the same period last year. In the first half of the year, the company’s electronic special gas segment achieved revenue1.75 ppm, an increase of 335 in ten years.39%, gross margin 杭州夜网论坛 48.78%, an increase of 11 per year.48pct; semiconductor chemical materials to achieve revenue 2.110,000 yuan, an increase of 335 in ten years.39%, gross margin 48.78%, an increase of 11 per year.48 points.The company’s layout in the semiconductor materials industry, integrated circuit packaging field, and electronic special gas industry has been further consolidated through its wholly-owned subsidiaries Huafei Electronics, Jiangsu Scitech, and Chengdu Komet, a holding company. Under the background of the Sino-US trade war, domestic productionProgress is accelerating. LNG thermal insulation sheet business continued to improve.The company advanced sales orders signed with Hudong Zhonghua Shipbuilding Company as planned.In the first half of the year, LNG insulation materials achieved revenue of 47.58 million yuan, an annual increase of 154.12%.At the same time, the company’s LNG insulation boards have successively obtained relevant certifications. In the future, it is expected to obtain orders from well-known classification societies and shipyards at home and abroad. Lowered profit forecast: Affected by the suspension of production by subsidiaries, the profit forecast of the company was lowered, and the company is expected to realize net profit attributable to mothers in 2019-2021.53/3.51/4.30 ppm, corresponding to PE of 33/24/19 times, maintaining the “Buy” level. Risk reminder: The price of the product drops, and the risk of new project launch is less than expected.