NavInfo (002405): Short-term performance under pressure and front-loading capacity is again recognized by mainstream car manufacturers

NavInfo (002405): Short-term performance under pressure and front-loading capacity is again recognized by mainstream car manufacturers

Event: The company released three quarterly reports: the first three quarters of 2019 achieved operating income15.

350,000 yuan, an increase of +0 in ten years.

76%, net profit attributable to mother is 2418.

480,000 yuan, a decrease of 88 per year.

97%, the net profit attributable to the mother is within the company’s performance forecast range.

  The company signed a service agreement with Daimler to provide connected car services including online maps, POI search, charging stations, gas stations, weather and air index for Mercedes-Benz’s connected car in China.
  Investment Summary: The automotive business is under pressure and R & D continues to be heavily invested.

In the first three quarters of 2019, the company’s revenue is flat every year, and its net profit is extended at least, and the overall business of the company is under pressure due to the auto market replacement.

The company’s in-vehicle business mainly comes from navigation electronic maps and automotive chip business. Among them, the downstream customers of the automotive chip business are mainly independent brands and aftermarkets. Domestic passenger car sales fell from January to September by 11.

7%, the sales volume of passenger cars of independent brands decreased by 18 every year.


The increase in net profit was mainly due to the expansion of the joint-stock company Mapbar, which reduced investment income.

  The company is still in the expenditure period of high-precision map research and development, and the expense ratio continues to be high, of which the research and development expense ratio is 46.

29%, the management expense ratio is 18.

08%, sales expense ratio 4.


  We are optimistic about the potential of new business, and the business layout will boost core business.

The company is the most well-established company in the field of high-precision maps in China. We believe that the company’s layout in the areas of map production, standard formulation, and advanced positioning will continue to be transformed into the company’s technical barriers, helping the company’s technology capabilities continue to lead.

  The company launched the new three-generation platform FastMap, which integrates the application of new technologies of big data and artificial intelligence to realize the integration of the entire map production process from detecting changes, processing changes to publishing changes, and real-time return of sensor data based on daily scale to realize automatic editingAnd hourly updates.

  The company’s AR navigation has achieved mass production. It is equipped with on-board AR navigation for all FAW Pentium T99 models. The AR real-world navigation set integrates calculation and multi-parameter AI recognition to enhance the visual effect of navigation information and give users more intuitive and accurate instruction information.

  The company’s subsidiary Liufen Technology locates the advanced positioning business, and the R & D and commercialization of advanced products are continuously strengthened. It will form high-precision positioning and maps to fly together, and jointly promote autonomous driving-related businesses, and business capabilities are released.

  With technology upgrades and 南宁桑拿 5G and policies to promote the development of connected cars, OEMs generally set the time decoding for L3 autonomous driving around 2020, and intelligent driving will develop from low-level assisted driving to higher-level intelligent driving.

Precision maps, as a collection of environmental data required for driving decisions, are far more valuable than traditional car navigation maps. We believe that the industry’s research and development direction is accurate to the precision map surveying and turning to the automated production of maps, real-time updates and higher maps.Of cross-border applications, the value of data is self-evident.

  Profit forecast and investment advice: We believe that the company has been deeply navigating the navigation map industry for many years, and has established deep technical barriers in the field of high-end maps for autonomous driving. The fixed-point cooperation of mainstream OEMs has verified the company’s R & D strength and can drive autonomously in multiple dimensions.With rapid progress, the company is expected to become a high-precision data company with a high-precision map.

We expect the company to achieve operating income in 2019-2021.



5.6 billion, net profit attributable to mother 3.



4.5 billion, covering for the first time, giving a “buy” rating.

  Risk warning: Advanced map development is worse than expected; passenger car sales continue to decline

Ancient Yuelong Mountain (600059): Rice wine faucet starts mixed reform to usher in a new round of development possibilities

Ancient Yuelong Mountain (600059): Rice wine faucet starts mixed reform to usher in a new round of development possibilities

Event: The company issued a private placement plan, amended the company’s articles of association and other announcements.

1. The leading company of rice wine started mixed reform, dating strategic investors: The company plans to start with 7.

06 yuan / share non-public offering to specific strategic investors1.

6.2 billion shares, raising funds 11.

US $ 4.2 billion, of which Qianhai Furong intends to subscribe.

9.1 billion; Yingjia Technology plans to subscribe for 3.

51 yuan, 36 months lock-up period.

After the issuance of the strategic investor Qianhai Furong, Yingjia Technology will hold more than 5% of the shares of listed companies. The actual controllers of Qianhai Furong and Yingjia Technology will replace Guo Jingwen.

The non-public offering will not cause the control of listed companies to change.

2. As a leading company, the company is responsible for revitalizing the rice wine industry: rice wine and beer, and wine are also known as the world’s three largest fermented ancient wines. They are also unique wine types, but the output and industry scale of most rice wine is far smaller than that of white wine and beer.

According to the “13th Five-Year Plan for the Development of the Chinese Wine Industry” issued by the China Wine Industry Association, by 2020, the industry is expected to achieve a total wine production of 89.6 million kiloliters and sales revenue of 1.

29 trillion.

Among them, the planned output of the rice wine industry is 2.佛山桑拿网4 million kiloliters, and the sales revenue is 28.8 billion, accounting for only the entire industry2.

68% and above 2.

twenty three%.

For a long time, the products consumed by rice wine are mostly concentrated in mid-range and ordinary rice wine products. The prices of mainstream products are lower than other wine products, and the competition of low-price homogenization is obvious. The product structure and price of rice wine need to be improved.

The Zhejiang Government and Shaoxing Municipal Government also attach great importance to the development of the rice wine industry and have introduced plans and policies to build Shaoxing as the world’s rice wine capital.

The company is the highest rice wine production, operation and export enterprise. It is a well-known rice wine brand in China and even in the world. The actual controller is Shaoxing State-owned Assets Supervision and Administration Commission. It is responsible for revitalizing the rice wine industry.

3. Establish the rice wine industry park to solve the problem of maximizing production capacity and help the company’s development: The net proceeds raised will be used for the company’s rice wine industry park project (Phase I) project construction.

The remaining annual rice wine brewing of the company is basically maintained at about 140,000 kiloliters, which basically reaches a high production capacity. The output of listed companies has not achieved growth mainly due to the listed companies’ production plants located on higher floors, Paojiang Development Zone, Shangyu District and KeIn the bridge area, it is difficult to give play to the agglomeration advantages of the industry, which brings difficulties to fine management.

At the same time, it is difficult to realize resource sharing in decentralized production areas, which also virtually increases the cost of classification management and logistics, and reduces the market competition and anti-risk capabilities of enterprises.

And the old craft rice wine production technology in the old factory area is still relatively backward, and the labor intensity is relatively long.

The construction of the fund-raising project will form a rice wine industrial park that gathers mechanical rice wine, traditional rice wine, cooking wine production and supporting rice wine industry development, modern warehouse logistics, wine culture display and wine culture tourism development; the construction of the rice wine industry park project, alsoIt will further increase the output of Guyue Longshan, create huge space for sales growth, and at the same time strengthen the position of the industry leader of Guyue Longshan, and further open up the difference in strength from other rice wine companies, which is the only way for enterprises to achieve development.

4. The date of war investment will improve the corporate governance structure and give full play to the advantages of the listed company’s resources: This appointment of strategic investors will help the company improve the equity structure, improve the governance structure of the listed company, and provide financial protection and technical support for the sustainable development of listed companies’ small businesses., Guarantee management experience, and fully mobilize high-quality resources from all parties in the society to support the company’s development.

In addition, the company’s articles of association are also proposed to be amended. Article 24 of the company has been added to allow the company to purchase company shares in the following cases: employee shareholding plans or equity incentives, using the shares to convert convertible bonds issued by the company, and listingThe company is necessary to safeguard the company’s value and shareholders’ rights.

And these two situations can be passed by the resolution of the board meeting attended by more than two-thirds of the directors in accordance with the provisions of the articles of association or the authorization of the shareholders ‘general meeting, and no shareholders’ general meeting is required.

The company has gained more flexibility in terms of employee incentives, refinancing, and market value management.

5. Profit forecast and rating: The company’s 18-year revenue scale is only 17.

200 million, net profit 1.

72 billion, the current market value is only 64.

US $ 600 million, which does not match the leading level of the rice wine industry, requires a round of mandatory reforms to promote the company’s development.

This mixed reform is a good opportunity, waiting for the company to release its growth potential.

We expect the company’s EPS for 2019-2021 to be 0.



24. First coverage, given “Recommended” rating.
6. Risk warning: the country’s progress is less than expected; the product structure upgrade is less than expected; food safety incidents occur in the industry.

Jinlong Automobile (600686): 4Q gross margin significantly improved QoQ Active layout smart driving and fuel cells

Jinlong Automobile (600686): 4Q gross margin significantly improved QoQ Active layout smart driving and fuel cells
The 2018 performance was basically in line with expectations. Jinlong Automobile released the 2018 annual report with revenue of 182.900 million, an annual increase of 3.1%; net profit attributable to mother 1.5.9 billion, 66 from the previous decade.8%, the performance was basically in line with expectations. Development Trend 4Q18 gross margin improved significantly month-on-month, and research and development expenses increased significantly.Operating income for the fourth quarter of 2018 was 55.9 ‰, a decrease of 25 per year.1%, gross profit margin 17.3%, a significant improvement of 6 from 3Q.6ppt, which is higher than 0 every year.7ppt.Expense rate for the period is 14.9%, an increase of 2 per year / mo.8ppt / 2.3ppt, mainly from increased research and development costs.Asset impairment losses in the fourth quarter of 20181.300 million, an annual increase of 142.1%, a certain drag on performance, in the fourth quarter of 2018, net profit attributable to mothers was 72.92 million yuan, a year-on-year decrease of 70.7%. Benefiting from electric Fujian, sales of Sanlong increased, but the profitability decreased due to the decline in compensation.In 2018, the company’s passenger car sales reached 6.50,000 units, an increase of 11 in ten years.0%. Benefiting from the recovery of sales of Suzhou Jinlong and the electric Fujian project, the company’s new energy sales for 1 year.40,000 units, an increase of 36 in ten years.3%, clearly outperforming the industry.Among them, Xiamen Jinlong, Xiamen Jinlv and Suzhou Jinlong New Energy Bus had sales of 4,762 / 6,045 / 3173 vehicles in 18 years, each time +13.1% / + 40.3% / + 82.5%.In 18 years, the revenue of Xiamen Golden Dragon, Xiamen Golden Travel and Suzhou Golden Dragon was 65.8 billion, 60.0 billion and 54.900 million, -4 a year.3% / + 4.6% / + 13.4%. Actively deploy new businesses such as smart driving and fuel cells.In the short term, despite the decline in new energy vehicles, the company still hopes to pass them on to downstream purchasers, while reducing costs and increasing efficiency to improve profitability.In the medium and long term, the company has increased research and development in intelligent driving and fuel cells. The L4-level self-driving bus “Apollon” has been mass-produced and rolled out. Commercial trial operations have been launched in various places in China.A preliminary agreement was reached to export Apollon to Japan.The layout of the new four modernizations can enhance the company’s differentiation and bring new impetus to long-term performance growth. Earnings forecast We maintain our 2019 net profit forecast at 1.9.2 四川耍耍网 billion, while forecasting a net profit of 2 in 2020.19 billion. Estimates and recommendations Companies currently sustainably correspond to 19/20 years1.6x / 1.5x P / B, maintaining the recommended level. Considering the expansion of the sector, we have raised our target price from 10 to 30% to 13 yuan, corresponding to 19/20 year 1.98/1.88 times P / B, compared to current expectations of 24.6% space. Risk compensation declines lead to continued decline in performance

Da Bei Nong (002385) Important Matters-Approval of Safety Certificate for Commercialization of Genetically Modified Maize

Da Bei Nong (002385) Important Matters-Approval of Safety Certificate for Commercialization of Genetically Modified Maize

The holding subsidiary officially approved the safety certificate of genetically modified corn. If all goes well, 1-2 years later, 北京桑拿it will gradually begin to make profits through trait authorization fees, and it is expected to maintain a high market share in the trait authorization market for a long time.

The main business trough has passed, and both feed and pig breeding businesses are expected to release earnings elasticity.

Revise down 2019/20 profit forecast and raise TP to 9.

3 yuan, raised the rating to “buy”.

With the approval of the safety certificate, the commercialization of genetically modified corn can be expected.

On January 21, 2020, the Ministry of Agriculture and Rural Affairs issued the 2019 approval list for agricultural genetically modified organisms safety certificate (production application), which includes the DBN9936 double-resistant corn traits of the company’s holding subsidiary Beijing Dabeinong Biotechnology Company.

DBN9936 has been tested to have good resistance to major lepidopteran pests of corn (including Spodoptera frugiperda), and can tolerate 4 times the glyphosate recommended by the label, with a significant commercial value.

With reference to the commercialization path of GM cotton, we expect that the subsequent industrialization may require the interaction of the safety certificate application of the derivative line, variety approval, and seed production; if all goes well, GM corn seeds may begin in 1 to 2 years.Sales; correspondingly, the company may make a profit by accepting trait authorization fees and selling genetically modified corn seeds.

Considering that GM technology has both significant trait advantages and high barriers (long R & D cycles and high capital expenditure), the only company in China has been granted a safety certificate for GM corn traits. We expect the company to maintain trait authorization in the short term.The high market share of the market fully benefits from the commercialization of genetically modified corn.

The main business trough has passed, and the performance flexibility will be released.

1) Feed sales: Rising pig prices will improve the profitability of breeding, increase the enthusiasm for supplementation, and gradually replace more sophisticated.

According to the statistics of the Feed Industry Association, since September 2019, the decline in the sales volume of pig feed of inspection companies has gradually narrowed, and the chain has continued to grow, and the improvement of the sow feed and piglet feed has been particularly obvious.

The company’s feed sales are mainly based on sow feed and piglet feed. It is expected that the business situation will increase quarter by quarter since 19Q4.

2) Pig breeding: In 2019, the company will successively promote the start of its pig farm projects in Shaanxi, Henan and other places, transform the old factory for renovation, and its sow inventory capacity will continue to increase.

At the end of June 2019, the company and its joint-stock companies were able to breed sows in the inventory by about 5.

490,000, the reserve sow inventory is 11.

910,000 heads.

It is estimated that by the end of 2019, the company’s breeding sow inventory has increased to 100,000 to 100,000 heads.

In addition, the company’s fixed assets and construction in progress have continued to grow since 19Q2, showing that its pig house construction has progressed in an orderly manner.

Based on comprehensive analysis, we expect the company’s hog production volume to gradually increase during the upward period of pig prices, and its hog breeding business is expected to increase in volume and profit in 2020.

Risk factors: Pig prices fail to meet expectations; feed sales growth does not meet expectations; seed promotion fails to meet expectations.

Investment suggestion: Considering that the number of pigs slaughtered by the company was higher than expected due to the non-epidemic situation, we revised down the net profit forecast for 2019/20 to 6.


200杭州夜网论坛 million (was 9).


600 million), maintaining the net profit forecast for 2021 to 30.

900 million.

As the company’s share repurchase results in changes in share capital, the company’s 2019/20/21 EPS forecast will be adjusted to 0 accordingly.



74 yuan (was 0.



73 yuan).

Considering that the company’s main business has crossed the trough period and the commercialization of genetically modified corn traits has made breakthrough progress, we give 16x PE in 2020 and raise the target price to 9.

3 yuan, raised the rating to “buy”.

Haitian Flavor Industry (603288): Cost fluctuations do not change, steady growth

Haitian Flavor Industry (603288): Cost fluctuations do not change, steady growth

Event: The company announced the main performance data for the first half of 2019 and realized operating income 深圳桑拿网 of 101 in the first half.

60,000 yuan, an annual increase of 16.

5%; net profit attributable to mother 27.

500 million US dollars, an annual increase of 22.

3%, deducting non-net profit of 26 ppm, an increase of 20 per year.

89%; EPS is 1.

02 yuan, an annual increase of 22.

89%, solid growth in line with expectations.

Revenue growth is steady, soy sauce is high-speed, and nationalization is progressing smoothly.

In terms of products, the income of soy sauce, oyster sauce and soy sauce increased by 13 respectively.

6%, 21.

1% or more 7.


The growth rate of each business has a slight fluctuation compared with the same period of the previous year, but it is significantly higher than the industry average. Among them, the growth rate of soy sauce is the largest, which is related to the growth rate of product upgrades and catering consumption.The highest growth rate of oyster sauce is the smallest, and the segmented industry is still in the growth stage, and the company is the leader.

By region, in the first half of the year, the revenue growth rates in the east, south, middle, north, and west were 14%, 11%, 19%, 10%, and 24%. In the light of dealer migration, the middle and western regions are in a high growth periodThe northern and eastern regions are increasing the distribution of blank markets, and the nationalization process is smooth.

Costs rose slightly, gross margin fell slightly, and net profit margin remained high.

In the first half of the year, the company’s gross profit margin was 44.

9% downgraded by 2 per week.

3 units, of which downgraded to 3 in the second quarter.

There are 8 reasons for two reasons: one is the change in the cost of raw materials caused by the Sino-US trade friction, and the other is that the capital expenditures caused by the technological transformation project have gradually increased the cost.

The company’s sales expense ratio ratio was downgraded by 4 in the first half of the year.

One single, mainly due to the fact that some distributors choose to pick up their products and reduce transportation expenses.

Although the management expenses increased due to the increase in employee compensation levels, it was slower than the revenue growth and the expense ratio decreased by zero.

2 units.

Due to the decline in expense ratio, net profit in the first half of the year reached 27.

1%, rising by 1 every year.

3 units.

In addition, the first half of the operating cash flow net.

9 ‰, a decrease of 38% a year ago, mainly due to the increase in procurement costs in response to rising raw material prices to lock in prices.

Future growth deterministic disease.

The top of the company’s condiment is stable, the brand, channel advantages are expanded, and the anti-cycle ability is replaced.

In terms of production capacity, the expansion project of the Gaoming base has proceeded smoothly. The Jiangsu plant has been successfully put into operation and the production capacity will continue to increase. It is expected that more than 100 times the production capacity of condiments will be released in the next three years, which can support the company’s further expansion.

In terms of products, it is expected that the technological transformation project in the next five years will increase the proportion of high-end soy sauce to 50%, oyster sauce is in a high-speed growth stage, and the sauce channel is completed. It is expected that the growth rate will improve, and the three core products have plenty of room for development.

In summary, we believe that the company’s goal of achieving a compound growth of 15% in the “three five-year plan” is a high probability event.

It is expected that the operating income for 2019-21 will increase by 17% / 16% / 14%, net profit attributable to mothers will increase by 21% / 20% / 18%, and EPS will be 2 respectively.

0 yuan / 2.

3 yuan / 2.

8 yuan, corresponding to PE is 50 times / 42 times / 35 times, maintaining the “buy” level. Risk reminders: food safety issues; company performance exceeded expectations; corporate reforms were less than expected; RMB exchange rate risk; domestic interest rate rise risks; China’s macroeconomic data was less than expected; changes in the Federal Reserve’s monetary policy; internal capital market fluctuation risks.

Juewei Food (603517) Research Briefing: Traditional Stores Keep Steady Expansion of New Product Category

Juewei Food (603517) Research Briefing: Traditional Stores Keep Steady Expansion of New Product Category
Investment points: Traditional stores are expanding steadily, and the new category “Chuan Chuan” is actively deployed as a leading leisure food company. The expansion of stores is the main factor driving revenue growth.In recent years, the company’s stores have maintained a steady growth. The number of stores has increased from 5,746 in 2013 to 9,915 in 2018. The average number of stores has increased by 800 euros per year.With the increase in the number of stores, the company’s revenue also increased from 22 in 2013.70 million to 43 in 2018.68 ppm, 5-year composite carbide13.98% of the company’s net profit also increased from 1 in 2013.93 million increased to 6 in 2018.41 ppm, 5-year compound strength 27.13%.We expect that the company is still expected to maintain a speed of about 800-1200 stores per year in the next few years, which will bring steady growth in revenue and profits. The company’s leisure brine products are mainly “duck by-products (such as duck neck, duck paw, duck wings, clavicle, etc.)” and other poultry products, as well as vegetarian products such as animal meat and vegetables.The growth of the company’s revenue, in addition to the expansion of stores, is also an important factor.In 2018, the company opened the more popular “Skewer Incense” category in the market and set up “Jiaojia Youwei” Chuanchuan brand stores.At present, there are about 20-30 stores of “Jiaojia Youwei”, and the increase in the number of transferred stores in the future is expected to increase the company’s revenue again. The cost of raw materials rose steadily, and the overall controllable company’s gross profit margin for the first quarter of 2019 was 33.31%, a decrease of 0 per year compared to 2018.99%, the decline in gross profit margin was mainly affected by some raw materials (mainly duck neck).Duck neck is the core product of savory taste. Duck by-products such as duck and duck are used as snack foods. They have expanded store expansion, demand has grown rapidly, and supply has been relatively stable, so prices have increased slightly.但在中短期来看,随着’“非洲猪瘟”南京夜网导致生猪供应的减少,市场预期猪价有望较大幅度上涨,消费者会寻找鸡鸭肉等其他肉类替代消费,从而导致鸡鸭养殖As the number of household breeding increases, the supply of chicken and duck by-products will increase accordingly, and the price of chicken and duck by-products is expected to fall, and the company’s raw material cost pressure will improve. Adjusted the tax reduction to increase the gross profit level. In terms of the government, the government lowered the adjusted tax rate and started trials on April 1, 2019. The Ministry of Finance announced that if the general taxpayer increased taxable sales or imported goods, the tax rate would be adjusted to 13% if the tax rate was originally applied to 16%; the tax rate would be adjusted to 9% if the tax rate was originally applied to 10%.In addition, if the taxpayer purchases agricultural products, the original replacement rate of 10% is applicable, and the replacement rate is adjusted to 9%.As a result, the difference between the original output tax and the input tax rate of the company is 6 subdivisions, which is now 4 integers, with a difference of 2 integers.Increasing the tax rate difference caused by the increase of tax taxes is expected to increase the company’s gross profit margin and increase its net profit. Earnings forecast and investment rating: Maintain “Buy” rating and forecast the company’s EPS for 2019/20/21 to be 1, respectively.88/2.22/2.55 yuan, corresponding to a PE of 25 in 2018/19/20.86/21.91/19.04 times, maintain “Buy” rating. Risk Warning: The store development progress is not up to expectations; the development of new categories of “strings” is not up to expectations; single store revenue is increased; duck by-product prices are not up to expectations; market competition is intensified; food safety;.

10,000 yuan remaining treasure only earns 6 cents a day, the cargo base rate is still eroding your income

10,000 yuan remaining treasure only earns 6 cents a day, the cargo base rate is still eroding your income

Source: Wealth Management Woman Source: Alipay, Termination 7.

31 words that year, the yield of the remaining treasure also had a brilliant moment of 6-7%!

Looking down at it all the way, as an old fan, is also infinitely booing?
Source: WIND, up to 7.

31 As for the reason for the decline in Yingbao’s earnings, there are too many reviews on the market. It is nothing more than a stimulus to the intensive implementation of economic policies. The liquidity is loose. The market is not short of money.Known, or more niche, things you might overlook.

For example-do you think that the remaining treasure is never charged?

Monetary funds are similar, so don’t bother to choose?

. if your answer is yes.

Then you have to look at the following contents with your eyes wide open, because there is a “thing” in the cargo base that is quietly devouring our revenue, and it is-the rate!

Don’t think that the goods base does not charge the purchase fee, the redemption fee, just think it really does not need money, and give you labor in vain.

Take the remaining treasure as an example.

30% management fee, 0.

08% hosting fee, 0.

25% sales service fee, the total is 0.

63% / year rate.

  How substantial is the remaining treasure operating expenses?

Lao Niang Ai will calculate for you: Suppose you have saved 100,000 yuan in the remaining treasure, with an average annualized return of 2 for 7 days since this year.

Calculated at 40%, the annual return is 100,000 * 2.

4% = 2400 yuan.

And the annual rate will be used up: 100,000 * 0.

63% = 630 yuan, the actual money earned is less than 1800 yuan, that is, 26% of the revenue is “collected” away.

For investors, this expenditure is actually not small.

  Is this the case for all cargo bases?

  Of course not, the “price war” has long begun in the cargo base area.

It ‘s just that the previous income was slightly higher, and everyone did n’t feel that the money was “swallowed”. For example, in 2013, the average annual income of the remaining seven days was 4.

88%, 100,000 yuan can earn 4880 yuan a year, even if the rate is dropped, more than 4,000 can be saved, I think it is still beautiful.

It is not working now. As of July 31, the average annualized return of CargoBase on the 7th is only 2.

38%, the income is cut in half and half, not to mention, the rate still “swallows” this little income by more than 1/4, too bad!

  Is there a low-cost cargo base?

The old lady has screened for you, and the total rate is currently 0.

There are a total of 110 cargo bases below 3%.

Considering that we are all flat-headed ordinary people, and the goods in the delivery base are also pocket money, so my mother-in-law has counted out the biology of buying entry, and is not clever!

  Data source: WIND, as of 7.

31 Note: There are three products that WIND does not show that the lower 无锡桑拿网 limit of the amount of on-site purchases is reset. There are a total of 53 products with a minimum purchase amount of 1,000 yuan or less.

Don’t think that people are “cheap” and not “good-quality”. These 53 funds are ranked according to the average seven-day annualized rate of return this year. The top ten are as follows:

31 Let’s first look at the seven-day annualization and calculate the difference between the costs first.

For the above 10 cargo bases, the average operating cost is zero.

twenty two%.
Taking 100,000 as an example, our total cost for a year is 100,000 * 0.
22% = 220 yuan.

It is 410 yuan cheaper than the total cost of 630 yuan of surplus treasure.

If you add the rate of return, the gap is bigger.

The above 10 cargo bases have an average annualized value-added income of seven days.

18%, earn 100,000 * 3 a year.

18% -220 = 2960 yuan remaining treasure to earn 2400-630 = 1770 yuan a year, a difference of 1190 yuan!

It’s scary!

This is only one year. If you think about it over time, the difference will be even more scary.

Maybe you also found out that the above cargo base tails have A, B, and I. What is going on?

Generally speaking, cargo bases are generally more common in categories A and B, which are actually the same fund.

Class A funds are usually for the general public, with the lowest purchase amount, such as 1 yuan or 0.

01 yuan; and Class B is prepared for institutions or local tyrants, generally starting at 1 million, 5 million or even higher. Correspondingly, its comprehensive rate is preferential than Class A.

However, the fund companies are not fighting to “price war” in order to grab customers. Many B-types have reduced their door intelligence, similar to Southern Tiantianli B. The previous purchase starting point was 5 million, and now 0.

01 yuan can buy it.

In this case, of course, it is recommended that everyone buy the cargo base shared by B, and the rate of growth of the rate thereafter.

  There is also a small tail “I”, I have seen it, the SDIC UBS Money Duobao Class A, the income of I, the rate, the daily settlement method are the same, but Class A is transferred to you immediately after the daily settlementAnd I type is after the daily settlement, gradually to the monthly carry forward day and then transferred to your account together.

The old lady knows that many people have deep feelings for the remaining treasure, and the extra one is that Chu Libao first took the road of investment and financial management, but feelings and financial management cannot be confused.

You feel that love is long and hard to give up, you do n’t know that it puts up money but is not weak.

Therefore, it is still recommended that small friends keep their eyes wide open, and the purchase base should also be carefully selected, look at the rate, and look at the income!

Great Wall Motor (601633): Contradictory growth in sales volume, significant expansion in capacity channel expansion

Great Wall Motor (601633): Contradictory growth in sales volume, significant expansion in capacity channel expansion
The company’s sales volume in June 2019 increased against the trend, maintaining the “overweight” rating. On July 10, the company released its June 2019 production and sales data. In June, the company achieved wholesale sales of about 6.330,000, at least +1.79%; gradually wholesale sales in the first half of about 49.350,000 vehicles, +4 per year.67%.According to the data of the China Federation of Passenger Transport Associations, the domestic wholesale sales of general passenger cars in June 2019 were several times -8.4%, gradually wholesale sales in the first half of the year -14%.Under the overall market fluctuations, the company’s sales performance far exceeds the industry.We believe that thanks to the incremental contributions from the Haval F-series and Euler series models, the company’s sales performance in 2019 is expected to continue to outperform the industry, achieving revenue and market share improvement. We expect the company’s EPS in 2019-21 to be 0.49/0.60/0.77 yuan, maintaining the “overweight” level! Haval F-series and Euler series contributed the main increase, and sales of WEY series models continued to increase. Haval F-series and Euler series models became the company’s main sales growth force.In June 2019, the Haval series achieved sales of 4.50,000 vehicles, +7 per year.44%; sales of H6 and F7 were about 2 respectively.71 and 1.10,000 units; Euler series R1 and iQ achieved sales of 3198 and 564 units respectively; WEY series models sold a total of 6,755 units to -35.55%, elongation.According to the company’s exchanges, the company will launch new models such as WEY VV7 GT, Haval coupe SUV F7x and Euler R2 in 2019. At the same time, there will be more than 10 modifications and upgrades based on existing models. We believe that Haval, which will be launched in 2018The F-series models continue to climb and new models are launched. The company’s sales performance in 2019 is expected to continue to surpass the industry and achieve market share increase. The blueprint for the realization of the layout of the eight major domestic bases in China, the Russian factory put into production and develop overseas markets. According to the company’s official website, on February 20, Great Wall Holding Group signed a cooperation agreement with Taizhou City, Jiangsu Province.With an investment of 8 billion U.S. dollars, it will build complete vehicles, interior and exterior trims, and chassis manufacturing.The company currently has three major bases in Baoding, Xushui, Tianjin, and Yongchuan. The bases will be completed and put into production at the end of 2019. In addition, Zhangjiagang, Rizhao Heping Lake and other bases 厦门夜网 are planned. In the future, the company will form eight major vehicle production bases, covering SUVs and pickups.And new energy. On June 5, the company’s planned Tula plant in Russia, with an annual output of 150,000 vehicles, was officially completed and put into production, marking the company’s entry into a new phase of strategy.We believe that the company’s production capacity continues to expand against the backdrop of declining sales in the domestic industry, demonstrating the company’s confidence in long-term development. Industry competition intensifies, performance growth may be pressured. According to reports, Sohu Automobile reported that the Haval brand will open more than 100 new stores from June to July. We believe that the company’s sales channels have expanded against the trend, showing the company’s Haval brand’s competitive strength and future growth potential. In 2019H1, domestic passenger cars are gradually being wholesaled at -14%. We believe that under the background of declining industry sales, the trend of fierce competition will continue, and the company’s overall profitability will be under pressure. It is expected that the company’s net profit attributable to its mothers will be about 44 in 2019-21.88/55.08/69.9.9 billion (down 25.52% / 25.62% / 18.87%), the corresponding EPS is 0.49/0.60/0.77 yuan, comparable companies in the industry are estimated to average about 17 in 2019.5X PE, the company is the leader in SUV, the growth rate of sales in 2019H1 far exceeds the industry, giving the company 20-22X PE earnings in 2019, with a target price range of 9.8?10.78 yuan, maintain “overweight” rating. Risk reminder: SUV market competition intensifies, the company’s new model launch progress exceeds expectations, and the development of the automotive industry is gradually expected.

Inspur Information (000977): One of the main beneficiaries of cloud computing capital expenditure, a leading server leader in growth rate

Inspur Information 武汉桑拿 (000977): One of the main beneficiaries of cloud computing capital expenditure, a leading server leader in growth rate

For the first time, Inspur Information Co., Ltd. (000977) was given an outperform rating with a target price of 51.

10 yuan, giving a P / E multiple of 55 times in 2020.

We believe that under the background of increasing equipment localization rate, Inspur is expected to achieve growth beyond the industry level.

The reasons are as follows: The server market is expected to usher in a rebound driven by the expansion of cloud capital. Inspur, as the largest domestic brand server manufacturer, will fully benefit from the industry inflection point.

Cloud computing is a major driver of server market growth.

We believe that the recent epidemic has promoted the development of enterprise-level cloud services such as remote office and cloud video conferencing, and is expected to drive cloud capital expenditure to grow faster than expected.

We expect the inflection point of domestic cloud capital expenditures is approaching, and the server market is expected to achieve more than double the digital growth in 2020.

Inspur has been focusing on the domestic server market for a long time, and currently has the third largest market share in the world (by revenue, 9 in the third quarter of 19).

0%), China’s No. 1 (by volume, 33 in the third quarter of 19).


We believe that the company’s high proportion of cloud customers will largely benefit from the rebound of cloud capital expansion.

We believe Inspur has competitive advantages in cloud computing customer resources, strategic positioning and production costs.

1) Excellent customer resources: Inspur has clarified its cloud computing strategy in 2011. It does have a certain first-mover advantage in the field of cloud computing. Together with cloud vendors, it actively promotes open computing infrastructure and binds head customers such as BAT more deeply.

2) Flexible strategic positioning: The business focuses on the tide of the server market. In the two-pole strategic quadrant of correction and differentiation, adopt a more neutral strategy to actively acquire market share and flexibly respond to competition from brand manufacturers and white-brand manufacturers; 3) Strong cost control: Inspur’s ASP is about US $ 6,000, which is lower than other head brand manufacturers. The company and Intel purchase CPUs in accordance with the strategic agreement price, and the company’s information management has brought low-cost guarantees to the company.

What makes us different from the market?

The market is worried that Inspur is losing its competition in the fierce competition. We believe that other competitors in the market are facing constraints such as working capital gaps and technological transformation barriers, and the company’s click scale is relatively large.

Potential catalyst: 4Q19 domestic server expansion is expected to turn into positive growth.

Earnings forecast and forecast We expect the company 19?
The 21-year EPS is 0.

72 yuan, 0.

93 yuan, 1.

17 yuan, CAGR is 28%.

Net profit 杭州桑拿网 attributable to mothers was 9, respectively.



08 million yuan, a growth rate of 40 in ten years.

3% / 29.

7% / 25.


The company’s current consensus corresponds to 19?
21 years 61.



4x P / E.

Considering that Inspur is above the leader of the domestic server industry and the company’s superior customer resources in the growing cloud computing and AI fields, we have for the first time covered the company ‘s “Outperformer Industry” rating and given 19/20/21 71.



7 times price-earnings ratio, target price 51.
10 yuan, corresponding to 17% upside.

Risks Exchange rate fluctuation risks; the memory at the cost side, the risk of storage price increases; ODM manufacturers’ competitive pressure on domestic market share may be greater than expected.

A shares of thunderstorm season-Tony Electronics 3.

500 million divorce case Tianguang Zhongmao performance of 4.5 billion

Tony Electronics 3.

500 million divorce case Tian Guang Zhongmao 4.5 billion performance thunder

Come to Sina University of Finance and listen to Cheng Jun’s lecture on “Understanding the Company’s Financial Report in 5 Hours”, develop financial thinking, and obtain higher returns in work and investment. A shares enter the “thunderstorm season”!


500 million divorce cases, 4.5 billion performance thunder, 3 investigation announcements per night.
Get on or off at this time?

  Shiqian’s performance in the Chinese market is quiet, but listed companies have more “melons”!

  On January 14th, a listed company was reportedly fraudulently reported by IPO, and then Tony Electronics was surprised.

In the 4.8 billion divorce case, Tianguang Zhongmao and Jiyao Holdings (rights) broke out 4.5 billion mines, and the listed company * ST Busen, who frequently staged palace fights, was finally investigated.

  With the opening of the notice period of the annual report, will the market enter a “thunderstorm season”?

Let’s look at the details of these melons first.


The 4.8 billion divorce case was announced on Tuesday evening. Tony Electronics announced that the company had received a notice from the company’s controlling shareholder, the actual controller Shen Xiaoyu. On January 13, 2020, Shen Xiaoyu had copied the “Divorce Agreement” with Zhang Ying andRelated property divisions were carried out.

  At the end of this announcement, Shen Xiaoyu holds Tony Electronics 5160.

610,000 shares of shares with trading restrictions, accounting for 24 of the company’s total share capital.


According to Shen Xiaoyu’s “Divorce Agreement” with Zhang Ying for many years, Mr. Shen Xiaoyu holds 1290.

150,000 shares were transferred to Zhang Ying.

After this change in equity,深圳桑拿网 Shen Xiaoyu holds Tony Electronics 3870.

460,000 shares, accounting for 18 of the company’s total share capital.

08%; Zhang Ying holds 1290.

150,000 shares, accounting for 6 of the company’s total share capital.


According to the sustainable closing of the day, the above-mentioned divided shares are close to 3.

4.8 billion yuan.

  When Tony Electronics was first listed, the trend was very strong at one time, which was the big bull in the new shares that year, the highest increase was nearly 5 times.

But then the performance began to gradually increase, and net profit in 2018 decreased by 33.


On the evening of October 24, 2019, the company released a third quarterly report, saying that it achieved operating income in the third quarter of 20194.

4.9 billion, down 37 every year.

22%; net profit 厦门夜网 fell by 1.

US $ 7.3 billion, previously converted from profit to loss, the company made a profit in the same period last year1.

0.5 billion.

The company makes provision for impairment of assets that may be impaired. The total amount of impairment losses accrued in the first three quarters of 2019 is 1.

8.5 billion yuan.

The company has stated that it is the main supplier of wireless charging materials for wireless headsets of major international customers, with more than half of the share.

The company also has a layout in the direction of wireless charging.

  In fact, similar divorce cases occurred at similar points before that.
The Meilun elevator at the end of December 2018 was almost the same time as the baby-friendly room.
At that time, some people questioned that the divorce was for reduction or other purpose.

But there is no evidence.

However, after the divorce case, the trends of this series of companies are somewhat similar, all hovering at the bottom for a long time.

  45 billion mines also on Tuesday night, two companies broke performance mines.

Tianguang Zhongmao’s major downward revision performance forecast is expected to increase by 21.

6 billion-30.

5 trillion US dollars, the budget is expected to be up to 1.

8 billion-3.

2 trillion, the same period last year was expected to be 4.

5.2 billion yuan.

Tianguang Zhongmao said that the company’s wholly-owned subsidiary Guangzhou Zhongmao Garden Construction Engineering Co., Ltd.’s engineering inventory and the company’s acquisition of wholly-owned subsidiaries in 2015 Guangzhou Zhongmao Garden Construction Engineering Co., Ltd. and Dianbai Zhongmao Biological Technology Co., Ltd.There is a significant risk of impairment of goodwill.

  The announcement stated that the company intends to make provision for impairment on the above matters, and the amount of impairment shall be determined after being audited by an accounting firm.

Tianguang Zhongmao’s audited net profit attributable to shareholders of listed companies for 2018 was -4.

500 million US dollars, if the 2019 annual budget is expected to attribute negative net profit to shareholders of listed companies, according to relevant regulations, the audited net profit of the last two fiscal years is continuously negative, and Shenzhen Stock Exchange will delist the company’s stock transactionsHandling of risk early warning.

  In addition to Tianguang Zhongmao, another company also exploded its performance mines due to impairment of goodwill.

  On Tuesday night, Jiyao Pharmaceutical announced that it expects the company’s annual net profit attributable to shareholders of listed companies to reach 1.5 billion to 15 in 2019.

0.5 billion.

The same period last year was profit 2.

1.7 billion.

Provision for impairment of goodwill is expected to be made initially for this year5.

About 5 trillion, this year is expected to accrue bad debt reserves2.

About 800 million yuan, inventory loss is expected this year2.

USD 8.3 billion, this year it is expected to make provision for impairment of construction in progress1.

5 trillion and so on.

  In addition, the company issued 3 copies of the company’s investigation issues in one day * ST Busen was not lonely, and within one day received the case investigation report issued by the Securities and Futures Supervisory Committee.

  According to the above three announcements, Chongqing Anjian Hanshi Technology Co., Ltd. (hereinafter referred to as “Chongqing Anjian”), Zhejiang Busen Clothing Co., Ltd. (hereinafter referred to as the “Company”), Shanghai Ruiying Asset Management Partnership (Limited Partnership)(Hereinafter referred to as “Shanghai Rui”) were all suspected of information disclosure violations and violations. According to the “Securities Law of the People’s Republic of China” and other relevant regulations, the Securities and Futures Commission was removed from the investigation.

According to relevant regulations, if there are major violations of information disclosure, listed companies may also be delisted.

  In September of last year, * ST Busen (002569) ‘s first extraordinary shareholder meeting in 2019 ended with “farce”.

On the evening of September 2 last year, * ST Busen issued an announcement saying that due to the interference and pressure from the shareholders of Dongfang Hengzheng, the witness lawyer could not normally participate in the witness work of the shareholders meeting. Therefore, the shareholders meeting was cancelled.
At this extraordinary general meeting of shareholders, there should have been substitutions for the dismissal of 8 directors or supervisors, including the chairman, the former actual controller of the company, Zhao Chunxia, and Feng Xue.

  Dongfang Hengzheng holds 16% of * ST Busen, making it the company’s largest shareholder.

The 22.4 million shares of * ST Busen held by him were obtained through judicial auction and originally belonged to the controlling shareholder of * ST Busen, Chongqing Anjian Hanshi Technology Co., Ltd.

But at that time, the members of the company’s board of directors were all appointed by Chongqing Anmi and elected through the shareholders’ general meeting, and the actual controller of the company was still Zhao Chunxia.

Zhao Chunxia indirectly holds listed companies through Shanghai Ruijing Asset Management Partnership (Limited Partnership) 13.

86% of shares, the company’s second largest shareholder.

  Until mid-September last year, * BU BUSEN announced that six non-independent directors and two supervisors within Chairman Zhao Chunxia had submitted written resignation reports to the company, and all had applied for resignation related posts for personal reasons.

Except for Feng Xue, who will continue to serve as general manager, the rest will not hold any positions in the company.

Dongfang Hengzheng really obtained the controlling stake.

The survey is aimed at former major shareholders and listed companies.
Judging from the current situation, it is unpredictable whether ST Busen can protect the shell.
If it cannot be reversed in 2019, the company will be twice in three consecutive years, and the suspension of listing is unavoidable.

  From now on, A-shares are gradually entering the period of disclosure of performance announcements of listed companies, especially GEM-listed companies. Last year, there were minefields in A-shares. It remains to be seen whether a similar situation occurs this year.

  However, from the perspective of goodwill, Ray may still be indispensable.

Therefore, the A-share market may also experience some “thunder showers” as a result.

However, the current market sentiment is better than the same period in the past year, so the market may still be dominated by “alternative rain and sunny”.