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銆愮墰閲岃剨鎬庝箞鍋氬ソ鍚冦€慱鐗涢噷鑴奯濡備綍鍋歘瀹跺父鍋氭硶
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[Can a child cough drink milk]_Recommended diet

If the baby in the family is coughing because of illness, it is very tense for the parents. The cough is not a serious illness. Parents should not overcome it too much. Pay attention to good treatments and strengthen diet. This can help children gradually recover their health.

The baby should pay attention to the diet during the cough, so can the child drink milk for cough?

Let’s take a look at this.

Children can drink milk properly during coughing, which can improve the body’s immunity level and will not cause the cough symptoms to worsen. We know that the sugar content in milk is very small, which will not cause irritating reactions for the baby.Does not cause a worsening cough, so drinking some milk is appropriate, and it is also beneficial to promote health and restore health.

When the baby is coughing, if there are no fever symptoms, the symptoms of coughing are not particularly serious. At this time, parents should not give their baby medicine, and they can be treated by life recuperation. For example, they should give the baby more warm water.Making some ginger juice at home to take, or boiling onion with some water to give your baby drink, can all be good for cough, phlegm and sterilization.

In addition, in the diet, you should let your baby eat some light food. If your baby is older, you can already eat complementary foods. You can give your baby some fruit purees and some easy-to-digest porridges, and some nutritious soups.Yes, it can have a good effect on improving your baby’s immunity level.

The above is a simple understanding of whether the baby can drink milk due to coughing, because the sugar content in milk is very low, and it will not cause the baby’s cough symptoms to worsen, so drinking some milk properly is not a problem. In order to improve the child’s immunityStrength, promote the child’s health recovery can have a very good effect, children should pay attention to dietary care during cough, usually pay attention to rest, only in this way the baby cough can be cured as soon as possible.

Yunnan Baiyao (000538): Launch of employee stock ownership plan and incentive fund management measures plan to improve long-term incentive mechanism

The company that launched the employee stock ownership plan and incentive fund management method issues the employee stock ownership plan (expense) and incentive fund management method (expense).

The short review released the draft employee shareholding plan and incentive fund management measures to improve the long-term incentive mechanism. The company’s employee shareholding 成都桑拿网 plan budget highlights: 1) Participants: The total number of employees does not exceed 485, company directors, supervisors and senior management personnel. 2) Stock source / scale: 3301001 shares that have been repurchased by the company’s special account for repurchase, accounting for 0% of the company’s total share capital.

26%; 3) Purchase stock price: 37.

07 yuan / share; 4) Duration: 5 years; 5) Lock-up period: 12 months, calculated from the date when the company’s announcement of the last target stock is registered to the name of the employee stock ownership plan; 6) Management mode:The company manages itself and elects a shareholding plan management committee through a meeting of holders. 7) Amortization of expenses: We estimate that the cost of this employee shareholding plan is expected to be amortized for many years, and the annual cost of the booth will have 武汉夜网论坛 limited impact on the company’s current profit.

Key points of the company’s incentive fund management measures: 1) Incentives: full-time directors and supervisors, senior managers and managers of the party and mass system (excluding independent directors).

The core business and technical backbone of the company and its subsidiaries.

Other employees that the company believes have made significant contributions; 2) Fund accrual: Incentive fund = (company’s current net profit-previous year’s net profit) x 15%, and set the fund accrual constraints based on the company’s performance completion rate for that year; 3)Fund distribution coefficient: Overall, directors and supervisors and executives account for 70%, and other personnel and core backbones account for 30%.

Personal distribution coefficient = position coefficient × annual performance coefficient × time coefficient; we believe that the company ‘s introduction of the incentive fund management method and employee shareholding plan expenditures are the mid-term andThe above-mentioned long-term incentive mechanism helps to realize the deep binding of the company’s core employees and the company’s interests and ensure the long-term healthy development of the company.

On the whole, how the company’s overall remuneration for directors and supervisors doubled in 2018 after the company’s mixed reform. Recently, the KPI system evaluation plan for core personnel such as directors and supervisors was announced. Combined with the launch of the employee stock ownership plan, it is expected to establish a perfection.Long-term incentive mechanism, the company’s long-term healthy development in the future is worth looking forward to.

Optimistic about the company’s long-term healthy development In the first half of 2019, from the perspective of sub-sectors: 1) the pharmaceutical business is still working on channel adjustments, H1 fluctuates slightly, and it is expected to usher in restorative growth for a long time; 2) the health product business is healthy and stableGrowth; 3) The growth rate of the profit side of the Chinese Medicine Resources Division decreased, mainly due to the accrual of loss from the price of Sanqi inventory; 4) Provincial pharmaceutical companies continued to deeply cultivate the market in Yunnan Province to increase market share, increase expenses, and drag down current performance.

In the short term, the company’s merger plan has been implemented. It plans to launch an employee shareholding plan. It is gradually embarking on a new path. In the future, after the adjustment of the channel of the pharmaceutical business department, it is expected to usher in a resumed growth. In the long term, major asset restructuring will be implemented for the company.Injecting new vitality, bringing about continuous improvement of the integrated incentive mechanism and the possibility of the development of outsourcing M & A, opened a new chapter in the development of the company.

Profit forecast and investment rating We expect the company to achieve operating income of 289 in 2019-2021.

11 ppm, 319.

45 ppm and 353.

47 trillion, net profit attributable to mothers was 35.

310,000 yuan, 38.

97 ppm and 43.

1.1 billion, an annual increase of 6.

8%, 10.

4% and 10.

6%, equivalent to 2 respectively.

81 yuan / share, 3.

10 yuan / share and 3.

43 yuan / share, corresponding to PE is 27.

1X, 24.

6X and 22.

2x, maintain BUY rating.

Risks prompt fierce competition in the consumer goods industry; new shareholders and management team run in longer than market expectations; outbound M & A progress and intensity are difficult to predict;

Inspur Information (000977) In-Depth Tracking Report: Three Major Inflection Points Merged Swords Mean No. 1 in the World

Inflection point of demand: The inflection point of the short-term CAPEX boom cycle is near, and the large growth cycle of servers will continue.

We judge that the global cloud computing industry demand is still strong, and after a short-term digestion cycle, the large growth cycle will continue.

The company’s Q3 single-season revenue increased by 15.

6%, significantly higher than the industry growth rate.

Overseas market demand has recovered in the Q3 quarter. Amazon’s Q3 fiscal year 19 data shows that in Q3 2019, capital expenditures were $ 3.4 billion, an increase of 36%, reversing the three quarterly downward trend.

Looking forward to next year, with the recovery of downstream demand and the upgrade of upstream architecture, the overall demand of the server industry is expected to move up to the inflection point, and the trend will continue the large growth cycle.

The turning point of the pattern: The pattern continues to improve, pointing to the top in the world, and the scale effect helps improve profitability.

We believe that the current domestic market competition pattern is becoming more and more progressive, and the company’s gross profit margin and net profit margin level are close to the bottom. The company ‘s gross profit margin and net profit margin level are nearing the bottom. The company ‘s AI server and other high-end product replacements have increased and the world ‘s largest scale effect has further helped.The interest rate level is expected to remain basically stable and pick up slightly (Q2 / Q3 single quarter of 2019, Inspur’s gross profit margin was 11 respectively.

88% / 10.

28%, an annual increase of 0.

60/0.

35pct), while the net net interest rate is expected to be optimized in the future.

Overseas turning point: Overseas markets have become the focus of the company’s efforts, and it is expected to maintain rapid development in the future.

In terms of quantity, overseas markets represented by the United States and Europe still account for most of the global server industry’s demand.

The company’s overseas expansion strategy 南宁桑拿 achieved important success.

Capturing key large customers in overseas markets is the only way for Inspur to become the number one in the world.

At present, the company has covered 120 countries and regions, and overseas business has become the company’s current focus. It is expected that the proportion of revenue in the next few years will increase significantly.

In October 2019, the company announced that it has reached strategic partnerships with European top channel providers ABGroup, ALSO, and Duttenhofer to further assist overseas business development.

Risk factors: growing demand from domestic Internet vendors; uncertainty in overseas trade policies.

Profit forecast: The company has significant advantages as an absolute leader in servers. Its market share is the world’s number one. The inflection point 杭州桑拿网 of the CAPEX digestion cycle in the downstream industry is shifting, and future growth is expected.

Optimistic about the company’s overseas expansion.

Maintain 2019-2021 return to mother’s net profit forecasts are 8 respectively.

78/12.

42/17.

4.2 billion yuan, corresponding to EPS forecast of 0.

68/0.

96/1.

35 yuan, the current price corresponds to PE 43x / 30x / 21x.

Comprehensive industry comparable companies evaluate and Inspur’s future growth, we give 38xPE in 2020 and raise our target price to 36.

5 yuan, maintain “Buy” rating.

Shanmei International (600546) 2019 First Quarterly Report Review: Proposed to Sell 11 Equity Subsidiaries of Subsidiary Trade Profits Continue to Increase

The company disclosed the first quarter of 2019 report: the company realized operating income of 82.

100 million (-20.

43%), net profit attributable to shareholders of listed companies.

2.1 billion (+167.

7%). Basically, the return is 0.

11 yuan / share (+ 175%), which exceeds the average ROE by 3.

93% (increase by 2.

(33 units) The amount of self-produced coal increased, the amount of traded coal decreased, and the company’s overall revenue improved.

The company started to merge the Hequ open-pit mine in the third quarter of 2018, so the data for the first quarter of 2018 was readjusted.

In Q1 2019, the company’s raw coal output was 833 inputs, an increase of 15 per year.

2%, commercial coal sales were 2288.

9 Initially, 19 declines each year.

5%, mainly reflected in the replacement of trade coal sales, the decline in overall sales of commercial coal led to the company’s revenue increased by 20.

4%.

The coal sales structure improved, and the profitability of the coal business was improved.

25.
Increased self-produced coal production with high profitability, decreased trade coal production with low profitability, and improved operating opportunities for sales structure.

4%, gross profit increased by 16.

5%.

The number of commercial coal units is 358.

6 yuan / ton, down by 1.

2%, the unit cost of 291 yuan / ton, exceeding the decline of 7.

4%, the unit gross profit of 59 yuan / ton, an increase of 44.

At 7%, the profitability of coal business was improved.

It is planned to list and sell the equity of 11 potential trading subsidiaries to achieve further improvement in quality and efficiency.

From 2016 to 2017, the company has divestitured 14 consolidated trading subsidiaries, achieving significant improvements in asset quality.

According to the announcement, the company intends to share 49% of five wholly-owned subsidiaries such as “Chentian International Trade”, 39% equity of Inner Mongolia Shengda, a holding subsidiary, and Tianjin Branch, a subsidiary of Jiangsu Logistics merged by 49% Equity listed for sale.

The 11 trading subsidiaries mentioned above all had negative net profit in 2018, which replaced 14.
.

20,000 yuan, and as of the end of 2018, the net assets were all negative, totaling -41.

400 million, this transfer is expected to increase equity profits6.

20,000 yuan (refer to 2018 data).

In 2018, the company achieved a total net profit of 11 mines.

20,000 yuan, contributing net profit of equity 18.

200 million US dollars, mainly from the trading 南京桑拿论坛 business, the distribution of equity will achieve a substantial increase in company profits.

Profit forecast and estimation: We predict that the company’s net profit attributable to shareholders of the parent company will be 9 in 2019-2021.

76, 10.

98, 11.
86 trillion, the corresponding EPS is 0.

49, 0.
55, 0.

60 yuan, an annual increase of 343.

4%, 12.

5%, 8.

1%, the current sustainable corresponding PE is 10 respectively.

4, 9.

3, 8.

6 times, continue to maintain the company’s “Buy” rating.

Risk reminder: Economic growth is slower than expected risks; uncertainty of administrative restructuring means

Daya Icon (000910): Underrated brand wood flooring and wood-based panel faucet

Leaders in the wood flooring industry and wood-based panel industry are firmly attached.

The company’s main business segment is two-wheel drive, with a total annual production capacity of 53 million square meters of floor production and an annual output of 1.85 million cubic meters of medium and high density board and particleboard.

After more than 20 years of deep cultivation of the main business, the company’s profitability improved significantly after the divestiture of assets in 2015.

The flooring industry has grown steadily, and the concentration is expected to further increase.

The total sales volume of the flooring industry has steadily increased, but the industry’s competitive landscape is scattered.

From 2010 to 2018, the total annual sales of wood and bamboo flooring 杭州夜网 in China’s flooring companies with a certain scale have been compounded to 0.

57%.

At present, there are about 2,000 companies in China directly producing flooring products, and the industry CR5 is only over 25%. TOP2 flooring companies Daya Icon and Nature Home have market shares of 11 respectively.

13% and 9.

58%.

The increase in the proportion of engineering channels in the initial flooring industry, the increase in material costs, environmental protection costs, logistics costs, and labor costs have all contributed to the industry’s concentration on large-scale leaders.

The wood-based panel industry is fiercely competitive and the industry is moving from scale expansion to structural optimization.

The proportion of chipboard and plywood in the advanced wood-based panel industry is constantly increasing.

Industry competition is fierce, and the competition pattern is more fragmented than the wood flooring industry.

Taking Daya Wood-based Panels with the industry’s highest production capacity as an example, based on volume caliber, the wood-based panels produced by them accounted for about 0 of the market share in 2017.

546%.

In terms of MDF caliber, Daya’s MDF market share also only accounted for 2 in 2017.

About 19%.

Along with the industry supply-side reform, the improvement of environmental protection standards and the increase in supervision, and the increase in the concentration of downstream industries, the wood-based panel industry has gradually realized a transformation from scale expansion to structural optimization.

The tooling business benefited from the rapid growth of the full renovation policy.

The company’s engineering business partners basically cover the top 100 properties.

By the end of 2018, there are more than 80 real estate partners in the “Shenxiang” flooring, of which Vanke is the company’s largest customer.

As the leading real estate is the main force for the construction of hardcover houses in the country, and the concentration of the real estate market has continued to increase, the “Shenxiang” flooring can also steadily increase its market share through deep cooperation with leading real estate.

The entire green industrial chain, brand + product power + service capabilities create the company’s moat.

The company implements the “green industry chain” strategy. At present, it has comprehensively covered seven major changes in forestry resources, substrates, factories, research and development, design, marketing, and services, and formed a comprehensive and complete quality intelligent control system.

“Shenxiang” flooring is widely known, and “Daya” wood-based panel is the preferred substrate supplier for well-known brands in the industry, and the brand value of the two brands remains the first in their field.

Continuous R & D investment, advanced technology and equipment and excellent service capabilities ensure that the company’s flooring and wood-based panel product strength always maintains a leading position in the industry.

Covered for the first time and given a “Buy” rating.

The company is expected to achieve revenue of 75 in 2019-2021.

88/79.

49/83.

10 ppm, a ten-year increase4.

5% / 4.

8% / 4.

5%, realizing net profit attributable to mother 7.

86/8.

41/9.

02 trillion, an annual increase of 8.5% / 7.

0% / 7.

1%.

The closing price on May 7, 2019 was 12.

00 yuan corresponding to PE is 8.

45X / 7.

90X / 7.

37 times.

Refer to comparable company average PE (TTM) 32.

91 times, considering that the company’s performance growth is the fastest but the leader is solid and currently estimated to be at a historically low level, giving the company a PE of 19-12 times, corresponding to 12.

78-17.

04 yuan, the first coverage given a “buy” rating.

Xinmai Medical (688016): Pioneer in the field of aortic and venous vascular interventional equipment

Key points for investing in the field of aorta and branch vascular intervention: The company’s main surgical aorta and cross-vascular interventional medical device research and development, production and sales, is a holding subsidiary of minimally invasive medical listed company on the Hong Kong Stock Exchange.

The products currently on the market include aortic stent graft systems and some adjacent products. At the same time, it has the only intraoperative stent system approved for use in thoracic aortic dissection surgery in China.

The company has grown rapidly, with operating income of 1 in 2016-2018.

25, 1.

65, 2.

310,000 yuan, a compound annual growth rate of 36%; net profit attributable to mothers was 41,111, 6,339, and 90.65 million yuan, a compound annual growth rate of 48%.

Aortic and venous interventional products 南京桑拿网 promote the company’s rapid growth: After years of dedicated research and development, the company has accumulated a wealth of core technologies in the field of aorta and cross-vascular stent, effectively improving the performance of the product.

Among domestic competitors in the market for aortic interventional devices, Xinmai Medical ranked first.

In recent years, through the continuous deepening of national supportive policies, the company’s innovation capability has also been continuously enhanced, and technological innovation has been introduced to drive import substitution.

R & D, innovation, quality, marketing and management shape the company’s moat: Xinmai Medical has highly found the construction of a research and development team, and has formed a research and development team that participates in competition. Relying on excellent technical research and development capabilities, the company has taken the lead in developing domestic characteristics with full autonomyIntellectual property rights, aortic intervention medical device products that have reached the international advanced level, have broken the monopoly of foreign products.

After years of development, the company has carried out marketing channel layout in many second- and third-tier cities, and has a professional, innovative and excellent management team with common values.

Profit forecast: As a pioneer in medical devices in the field of vascular intervention, the company has deployed a number of exclusive and innovative products in the aorta field, and a number of innovative products will be listed in the next 2-3 years, which will promote the maintenance of the company’sLeading edge; through the expected listing of drug balloons this year, cross-domain or will enter a rapid growth period.

The company’s EPS is expected to be 1 in 2019-2021.

72 yuan, 2.

30 yuan, 3.

12 yuan, corresponding to the closing price on July 30, the price-earnings ratio is 103.

9 times, 77.

5 times, 57.

2 times.

Risk warning: technical risk; operating risk; internal control risk; financial risk; legal risk; other risks

Dali Science and Technology (002214): The industry-level application of the leading civilian product of anti-epidemic infrared temperature measurement equipment is bearing fruit

1.On January 29th, the Ministry of Industry and Information Technology’s website reported that the Ministry of Industry and Information Technology’s Electronic Information Department organized Zhejiang Dali Science and Technology Co., Ltd. and other three automatic infrared thermal imaging thermometers. Hand-held infrared thermometer manufacturers provided supplies to the affected areas as soon as possible.

  2.Our analysis and judgment (1) The front line of epidemic resistance, the demand for infrared temperature measurement equipment is strong. According to the latest information from the Ministry of Industry and Information Technology ‘s website on February 2nd, the Ministry of Industry and Information Technology has received about 20,000 units of infrared temperature detectors in various aspects, handheld.There are more than 300,000 units. The above data are only preliminary forecasts.

According to the calculation of the epidemic prevention and control indicators, the Ministry of Industry and Information Technology estimates that the entire market will require about 60,000 automatic infrared body temperature detectors and about 550,000 handheld devices.

Judging from the current market capacity, the gap has been broken, but the reorganized production enterprises have resumed work after the holiday, and the market demand has gradually filled the gap.

  After the epidemic, Dali Technology responded quickly and invested in two products, the body temperature intelligent screening system and the handheld body temperature screener, to quickly identify patients with hyperthermia in crowded places such as airports, stations, and docks.Provide evidence for late medical epidemic prevention.

  We believe that the company, as one of the three companies that the Ministry of Industry and Information Technology organizes to supply to the affected areas, is expected to benefit significantly from the blowout of infrared temperature measurement equipment in the short term.

In the future, 南京桑拿网 people will pay more attention to prevention awareness, and the need for stocking in crowded places will ensure the sustainable contribution of the company’s infrared temperature measurement equipment.

  Looking into the next two years, considering the short-term and long-term demand impact of the epidemic, it is expected that the infrared temperature measurement business will contribute revenue to the company in 2020 and 2021.

600 million and 2.

400 million, helping the company’s civilian products business take another step.

  (2) Deeply plowing the power industry, inspection robots are welcoming a rapid growth period. According to the State Grid ‘s outlook and advancement of intelligent operation inspection technology for transformer substations, it has become an inevitable trend to use robots instead of manual inspection tasks.

  According to the statistics and forecast of China Electric Power Enterprise Federation, the number of domestic 110KV and above substations is currently more than 20,000, and it is expected to exceed 30,000 in 2020.

In addition, according to the plans of the State Grid and China Southern Power Grid, the intelligent transformation rate of reconstruction hubs and central substations will reach 100%.

According to the forecast of the intelligent transformation progress of 10% per year, in the next five years, the annual demand for domestic inspection robots for substations will be 2,000 to 3,000 units, valued at about 1.6 billion to 2.4 billion, and the market space is broad.

  With the continuous increase in the number of variants, the number of distributions has increased geometrically. It is difficult to achieve comprehensive and accurate inspections simply relying on human labor. Therefore, the inspection of robotic products to replace distribution stations is particularly urgent.

According to the “Distribution Network Construction and Transformation Action Plan”, the domestic distribution automation coverage rate will reach 90% by 2020.

If 20% of automated distribution stations use intelligent inspection equipment, the annual demand for distribution station inspection robots will exceed 10,000 in the next five years.

In recent years, the company has been deeply cultivating the power industry. The inspection robot technology has become increasingly mature, the market development has achieved remarkable results, and it will continue to benefit in the future.

In addition, the company has mastered the core infrared imaging technology. Compared with other integrators, the company’s inspection robot products have a gross profit margin of 67% in 2018 and a stronger profitability.

  (3) “Small and beautiful” merger “low risk”, long-term investment value highlights the company’s pure business, since listing, focusing on infrared products and its application business, high technical barriers.

At present, the military market demand is rapidly released, and the penetration rate is continuously increasing. The civilian market such as power and temperature measurement has ushered in a booming period and market space. The company has been deeply cultivating the infrared field for many years.

  There has been no mergers and acquisitions in the history of the company, and there is no high amount of goodwill.

Although the actual controller has a high proportion of pledges, about 68%, the average value of the pledge date gradually expands, and the risk of pledged liquidation is reduced.

Both “small and beautiful” and “low risk” have long-term investment value.

  (IV) Stock repurchase is used for equity incentives, demonstrating confidence in development. On December 10, 2019, the company announced in the next 12 months that the total amount of stock repurchased shall not exceed 50 million yuan, and not exceed 100 million yuan. The repurchase priceNot more than 14.

80 yuan / share, the shares are used to implement equity incentives for core backbone employees.

We think this move shows the company’s confidence in future development.

As of January 15, 2020, the company repurchased only 368 million shares, and the future repurchase space is still connected.

  3.The investment proposal considers the short-term and long-term effects of the infrared temperature measurement business. It is expected that the company’s net profit attributable to its mother from 2019 to 2021 will be 1.

36 billion, 2.

7.7 billion and 2.

63 trillion, EPS is 0.

30 yuan, 0.

60 yuan and 0.

57 yuan, currently corresponding to the corresponding PE is 44x, 21x and 23x.

With reference to the average assessment of 58x by comparable companies in 2020, the company’s estimated advantage is very obvious.

In addition, the company’s military and civilian markets have blossomed and bear fruit, and their growth is prominent, maintaining the “recommended” level.

  Risk reminder: the risk of less than expected military orders and unfavorable development of the civilian product market

Jiansheng Group (603558) Quarterly Report Comments: The first three quarters of 19 performance exceeded market expectations and profitability continued to improve

Event: The company announced the first three quarters of the 19th quarter, and achieved revenue of 13.

1.2 billion (+14.

64%), achieving net profit attributable to mothers2.

2.8 billion yuan (+31.

04%) to achieve deduction of non-net profit 2.

0.5 billion (+39.

92%), the performance slightly exceeded our expectations.

From the single quarter of 19Q3, the company achieved revenue4.

8.5 billion (+25.

04%), achieving net profit attributable to mother 0.

8.4 billion (+32.

65%) to achieve a deduction of non-net profit of 0.

8.6 billion (+51.

6%), the difference between non-net profit and net profit attributable to mothers in the 19Q3 single quarter: the company’s 19Q3 company’s expenditure due to trading financial assets was 8.8 million yuan (0 in the same period in 18); and other non-operating expenses3.2 million yuan (+ 970%) caused by migration and penetration of projects;

The company’s gross net profit margin continued to increase, and its profitability improved significantly.

Gross profit margin: The company achieved sales gross profit margin of 29 in the first three quarters of 19 years.

37% (+1.

11pct), gross profit margin increased slightly. We believe that the proportion of exchangeless seamless underwear has increased, due to the depreciation of the RMB depreciation factor; of which, the gross profit margin in the single quarter of 19Q3 was 30.

46% (+0.

55pct).

Expense ratio: The company’s sales in the first three quarters of 19 years, management + research and development, and financial expense ratios were 2.

79% (-0.

43pct), 9.

47% (-0.

38 points), -0.

23% (-0.

61pct), in which the decrease in the financial expense ratio was mainly due to the increase in the company’s foreign exchange earnings; of which the company’s sales, management + research and development, and financial expense ratio in the single quarter of 19Q3 were 2 respectively.

79% (-0.

62 points), 9.

07% (-1.

21 points), -1.

13% (-0.

86pct).

Net profit margin: Under the background of the increase in gross profit margin and the decline in expense ratio, the company’s net profit margin increased in the first three quarters of 19 to 17.

3% (+2.

12), of which 19Q3 single quarter net profit was 17.

22% (+0.

95pct). The size of the company’s inventory decreased slightly, and its accounts were rich in cash.

Inventory: In the first three quarters of 2019, the company’s inventory scale was 4.

09 million yuan (-0.

52杭州夜网%), with little change and a slight decline; the initial ranking fell by 4.

2%.

From the perspective of inventory turnover, the company was 2 in the first three quarters of 19 years.

22 times (+0.

01 times), little change.

Accounts receivable: In the first three quarters of 2019, the company’s accounts receivable scale was 2.

80,000 yuan (+23.

68%), an increase, about 3.
.

12%.

Judging from the turnover rate, it was 4 in the first three quarters of 19 years.

61 times (-0.

12 times), slightly decreased.

Net operating cash flow was 19.

3.0 billion (+34.

4%), the company has sufficient cash on its books.

The domestic transformation of the company’s cotton socks business has been basically completed, and Vietnam’s production capacity has been released in an orderly manner. It is estimated that the company’s cotton output will be 3 in 19/20.

4 billion, 4.

200 million pairs, we expect the company’s cotton socks business to maintain steady growth.

The domestic underwear production capacity of the seamless underwear business is gradually released, and the production capacity continues to increase; the 18 million seamless underwear project in Xing’an, Vietnam will also provide momentum for the company’s subsequent growth.

Considering that the company’s performance in the first three quarters of 19 was slightly higher than expected, we slightly raised the company’s profit forecast and expected the company’s net profit to be 2 in 2019-2020.

91/3.

54/4.

26 ppm, an increase of 40 in ten years.

72%, 21.

68%, 20.

52%; EPS is expected to be 0 in 19-21.

7/0.

85/1.

02 yuan (the original value is 0.

62/0.

77/0.

94 yuan).

We refer to the average valuation of some companies in the upstream textile manufacturing industry (Blum East, Huafu Fashion, Shenzhou International, Xinye Textile) in 202014.

37 times, giving the company 15 times PE in 2020. After switching to a 20-year estimate, the target price is adjusted to 12.

75 yuan.

Risk warning: the exchange rate fluctuates sharply, the internal plant is not up to expectations, and orders fluctuate.

Top 10 securities firms: 2020 A-shares incremental funds will reach trillions of yuan

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

  Haitong Securities: The spring market will continue, and the incremental funds of A shares will reach trillions in 2020. ① The pattern of foreign exchange inflows of A shares remains unchanged: the appreciation of RMB this year, the valuation of A shares is lower than that of US stocks, and the long-term international index will increase the weight of A shares.

  ② Spring market continues: domestic macro policies are warmer, monthly economic data has stabilized, and the first-phase trade agreement between China and the United States has been implemented. We expect that the spring market will eventually evolve into a bull market.

  ③ Focusing on the 20-year expectation, the technology and securities dealers whose profit growth is recovering are better. In the spring market stage, both underestimated varieties are taken into account.

  Anxin Securities: The spring market will continue, and the focus will return to the fundamentals. From a medium and long-term perspective, A shares are in a mature cow.

The core logic of mature cattle is the development direction of the Chinese economy. Therefore, the main industry lines of the corresponding A-share 深圳桑拿网 market are technology, medicine and consumption. This medium-to-long-term main line will not easily change, and it is not appropriate to switch lightly.

Among them, the current prosperity of different sub-sectors, medium-term space, estimates, policy guidelines, capital attributes and risks affect the leading sectors in different stages, and other sectors will follow the overall growth in the bull market. If you want to emphasize style switching, you need macroeconomicsGreat changes have taken place in the financial environment.

  In the short term, market risk appetite may gradually cool down, but the overall economy is still stable, the financial environment is generally loose, and the spring market will continue.

The focus of the market will return to fundamentals, especially the quarterly report.

It is expected 深圳SPA会所 that the growth sector will still show an upward trend in the first quarter. At the same time, under the expected recovery of the manufacturing industry, at the low inventory level, there will also be structural upswing opportunities in the sectors that benefit from the improvement of fundamental margin support, such as some machinery, chemicals, nonferrous metals, etc.

  Founder Securities (Protection of Rights): Industrial trends are the decisive basis for a growing bull market1. Major technological innovations that trigger industrial trends in the long run are the decisive basis for a bullish growth style.

Behind the growth bull market in 2010, 2013 and 2015 is the logic behind the changing trend of the mobile Internet industry.

  2. The growth of the bull market requires a policy environment and suitable catalysts that are conducive to the growth of the industry.

  3. The macroeconomic environment, market environment and liquidity environment are not the decisive or necessary conditions for the growth of the bull market, but it will affect the rhythm and height of the market.

  4. The deterministic upward trend of the 5G industry, the friendly policy environment, and the catalysis of 5G mobile phone replacement will bring wonderful and unusual growth in the market in 2020.

  CITIC Securities: Estimated return to performance, before the holiday is the best time to allocate value. The market has entered a performance matching period after the forecast of rapid rise and rise. It is expected that the performance elasticity will restrict the estimated expansion more and more; incremental capital inflows are stillInertia, but the pace is expected to accelerate after the Spring Festival, and the market still needs time to digest the structural impact of the implementation of the first phase of the agreement.

Considering the rhythm of capital inflows and incremental capital gains, as well as the “cost” of matching performance with estimates, it is the best time to allocate value before the holiday. It is recommended to focus on the banking, insurance, food and beverage, home appliances, pharmaceutical and medical services sectors.
  GF Securities: In the second phase of “Winter Warmth”, technological growth continues to dominate the second phase of “Winter Warmth”, and technological growth continues to dominate.

The discount rate has driven the “slow cow on the financial supply side”, and the “warm winter weather” is in the second stage.

Industry configuration: (1) Historical experience Before the Spring Festival, the liquidity was relatively large and abundant, and continued to pay attention to the “industrial cycle and liquidity resonance” of technology growth stocks: consumer electronics, new energy automotive industry chain mid-upper stream (see 1).

15 “Can the theme of new energy vehicles transition?”

》, Game; (2) Active replenishment is one of the three major determinants in 2020, and we will continue to focus on the industries that benefit from the “first replenishment” (industrial metal / glass / rubber).

  New Era Securities: Will Explosive Funds Become Reverse Indicators?

However, since 2009, the volume of public fund offerings has been mainly an inverse indicator (11 times, 6 major adjustments, and 3 small adjustments), mainly because the public fund’s right to speak in the stock market has continued to decline, resulting in each timeThe volume of equity fund issuance is all late growth.

But we think this time is different, and it may repeat the return of public discourse right from 2006 to 2007.

Because in the bear market and shock market of 2015-2018, most of the other products (private equity, personal, and hot money) of public fund performance, the performance is still remarkable.

The amount of public fund issuance will no longer be a lagging indicator, or even a synchronous indicator, and even a periodical indicator can become a leading indicator. The emergence of explosive funds will become the reason we continue to be bullish on A shares.

  Huatai Securities: Maintain the judgment that the index has upward space or greater than the downward space. 3000 points with a high probability. A solid Huatai Strategy Research Report believes that the outstanding feature of the A-share market since December last year is the spread of the trend of incremental capital entry, and the economic recovery is weak.The two logical lines are interpreted in parallel with the wide liquidity, but the strong trend of both lines may not be sustainable. It is expected that the subsequent large probability will converge from one direction to the other. The verification time point or after February.

Initially, to maintain the judgment that the index’s upward space is greater than the downward space, a large probability of 3000 points is solid.

In terms of configuration, continue to pay attention to industrial opportunities such as building materials / automobiles / appliances / construction, and focus on tapping the selection of individual stocks of electric new / mechanical (industrial control, industrial robots, etc.). The structure of the camera layout Q1 gradually decreases after the three “big years”Electric vehicles, midstream, electronics, cloud computing) opportunities.

  CITIC Construction Investment Securities: Periodic economic recovery, stocks and convertible bonds investment is the best window period CITIC Construction Investment Strategy Report believes that under the environment of economic phased recovery and loose liquidity, this is the best for stock and convertible bond investmentIn the window period, bond allocation is also a better point in time, and the capital market continues to rise during the shock.

From the perspective of industry configuration, first of all, the electronics industry represented by semiconductors, cloud computing and domestic software represented by the computer industry continued to boom, and technology 50 represented growth stocks and continued to recommend.

In fact, the brokerage sector has performed very well, and it is expected that the capital market will be more active by 2020, and the brokerage sector is also the direction of priority allocation.

  China Merchants Securities: The current research report on investment promotion strategies for the start of explosive funds or residents’ funds accelerating into the market believes that the current domestic economy remains stable, the policies are relatively friendly, the amplitude level is gradually declining, the currency value is steadily increasing, and the external environment is improving.Excellent investment environment.

The recent outbreak of funds came one after another. From the perspective of liquidity or estimates, the current environment of fund issuance exceeded 10 billion yuan in 2006, so we think it is the beginning of the current explosive funds or the accelerated entry of residential funds into the market.

Coinciding with the upward cycle of science and technology, technology and medicine are currently the first choices. If the economic data further declines, it will increase the construction and automobile real estate of steady growth.

  Guosheng Securities: Why is there a lack of mainline recently?

The cycle has yet to be “disordered anyway” 1. After the economic phase has stabilized, it has entered the replenishment cycle, and the denominator side has further loosened the dynamic attenuation.  2. The currency easing effect is sinking from financial markets to entities.

Driven by fiscal advances and continuous monetary easing (reduction of standards, policy rate cuts, etc.), market liquidity continues to be loose.

In addition, due to seasonal and Chinese New Year factors, the demand for physical funds is weak, and financial market liquidity is more abundant.

Subsequent consecutive Chinese New Year gradually entered the peak of construction (Jin Qilin analyst) period, the effect of monetary easing will gradually sink from the financial market to the real economy, the marginal factors of funds supporting the stock market weakened marginally.

  3, the molecular end improvement signal is more clear.

With the recent continuous improvement of the denominator, the market’s focus on economic fundamentals and corporate profits has declined. The economy has entered a replenishment cycle and ushered in a periodical repair, which is fully expected by the market.

In the future, the power of the denominator will gradually decline, and the economic recovery signal will continue to appear. The market will return to the main line of the numerator. The cycle will be the most beneficial direction, and the core asset revaluation will continue.