Nengke (603859) Comments: Public Offering to Help Smart Manufacturing Pilot

Nengke (603859) Comments: Public Offering to Help Smart Manufacturing Pilot
I. Event: On November 25, the company publicly issued additional A shares to open subscriptions.The number of additional issues is 1,289.20,000 shares, 3 trillion of funds to be raised, of which 1.The $ 34 million budget “Product Life Cycle Collaboration Platform Based on Digital Alternatives” project, 76 million yuan is planned to be invested in the “High-end Manufacturing Assembly System Solution” project (“Engine Digital Assembly System Solution” and “Cylinder Workpiece Intelligence”Docking and assembling “system solutions”), and the remaining supplementary working capital.The results of the issuance and placing were announced on November 28. The successful issue plus resumption of trading on November 29.  Second, comments: Strengthen the first-mover advantage, expand business boundaries, and respond to the broad market. Strengthen the first-mover advantage: The company’s “digital replacement” technology is in its infancy internally, and Nenko has completed the Lenovo-made digital replacement.The project has the technical advantages of being recognized by major customers, and its first-mover advantage is obvious.Smart manufacturing as “Industry 4.The core of “0” is the driving force for the transformation and upgrading of the manufacturing industry. It is estimated that the market size of the intelligent manufacturing industry will reach 1 in 2019.US $ 9 trillion, of which the industrial software field of Nenko is the core of intelligent manufacturing, and the market size will reach US $ 168 billion.  According to the Prospective Industry Research Institute, the compound growth rate of the domestic industrial software industry market will exceed 10% in the next few years.  Nenko has increased its expansion and strengthened its first-mover advantage.  Expanding business boundaries: Nenko started from smart electrical, followed customer needs, and developed into smart manufacturing business, providing enterprises with end-to-end integration centered on product life cycle (PLM) and production process management (MES) as coreIntegration and business integration centered on enterprise resource planning (ERP).Revenue from the smart manufacturing business has grown 392% over the past three years.In the first half of this year, the smart manufacturing business accounted for more than three-quarters of its revenue.The success of the public increase will further expand the boundaries of the business and respond to the needs of different customers.The “engine digital assembly system solution” purchased by the company is very forward-looking. Due to the arrival of “National Six” standard, engine manufacturers will reinvest in production lines. Within 200 years, more than 200 assembly lines across the country have potential demand for the company’s products.  Third, investment recommendations We expect the EPS for 2019-2021 to be 0.76/1合肥夜网.15/1.61 yuan, the corresponding PE is 31.3/20.5/14.7 times, PE (TTM) of the intelligent manufacturing sector is 25 times, maintaining the “recommended” level.  Fourth, risk warning: the receivables account period is further lengthened, and the new orders fall below expectations.

Gree Electric (000651): President Dong talks about how to achieve the goal of 600 billion yuan

Gree Electric (000651): President Dong talks about how to achieve the goal of 600 billion yuan

The company’s recent situation On January 7th, a reporter from Ri Cai Xin Weekly interviewed the chairman of the board, Ms. Dong Mingzhu, and issued an exclusive interview report on January 18.

600 billion revenue targets: 1) President Dong initially proposed in August 2018 to achieve the 600 billion sales target by 2023.

In this interview, Mr. Dong stated that he would continue to insist and hoped that the industrial sector’s revenue share would increase to 30% and the non-air-conditioning home appliance business would also increase its share.

2) Be cautious about overseas investments and in principle will not merge.

3) 3 billion investment in Wingtech (600745).

SH), 2 billion investment in Sanan Optoelectronics (600703.

(SH) is because it has industrial synergy with Gree and supports national strategy.

In 1H19, Gree’s own air-conditioning chips reached 100 million pieces.

Mixed state-owned enterprise reform: 1) President Dong participates in the mixed state-owned enterprise reform for the purpose of long-term holding and strives to pay off related debts in 5-8 years.

2) Hope that Gao Yong holds it for a long time; it can help Gree broaden its horizons and thinking, bring new ideas; and exert industrial synergy in Gree’s upstream and downstream.

3) There will be a reasonable dividend, but it will not be paid based on the merger.

Successor: I have tried to train successors several times in the past few years. They are qualified for a single business, but they will encounter problems when they are integrated.

Sales and marketing were decentralized for three years and did not meet the expectations of President Dong. Recently, he has personally been responsible for sales.

In the future, we will continue to train successors.

杭州夜网 Comment on diversification is Gree’s development strategy, the direction is in the expansion of home appliance categories and industrial sectors (molds, intelligent equipment, etc.).

Whether there will be a major breakthrough in 2020, we will further observe that the current market is mainly concerned with air conditioning business.

The company mainly invests in semiconductors through equity participation. At present, the investment of Wingtech and Sanan Optoelectronics has risen by 380% and more than 150%.

We are optimistic about the estimated international convergence after the improvement of the governance structure, and we do not have to worry about the price war in the short-term air-conditioning market.

The high-intensity price war since Double Eleven in 2019 will reshape the competitive landscape 合肥夜网 of the air-conditioning industry, and the share of second-tier brands will rapidly decline.

We expect that Gree will have more adjustments in sales channels and marketing methods in 2020, better adapt to the channel channelization, and the trend of increasing online share.

Estimates suggest that we maintain our EPS forecast for 2019/2020/20214.



03 yuan.

Maintain Outperform industry rating and target price of 78.

00 yuan, corresponding to 17x / 15x / 13x 2019/20 / 21e P / E, an increase of 14%.

The company currently expects 15x / 13x / 11x 2019/20 / 21e P / E.

Risk Market demand fluctuation risk; market competition risk.

Ruiming Technology (002970): Commercial Vehicle Video Surveillance Informatization Leading Ten Billion Market Is Rising

Ruiming Technology (002970): Commercial Vehicle Video Surveillance Informatization Leading Ten Billion Market Is Rising
The company’s main business is the development, production, and sales of commercial vehicle monitoring information products, which mainly involve domestic transportation, rental, two passengers and one danger, slag sanitation market, and overseas school buses, buses, and rental markets.According to the IHS Global Automotive Video Surveillance Market Report, the company’s market share in automotive video surveillance was 10% in 2017, ranking second globally. The tens of billions of market space for in-vehicle video surveillance informatization industry: policy formulation, benefiting from the government ‘s increasing recognition of driving and safe driving of public vehicles in recent years, driving passenger cars and trucks has issued relevant policies that are targeted at active safe driving functionsRequirements, the company deeply cultivated the commercial vehicle market and fully benefited. The commercial vehicle monitoring information products have been developed as the third-generation products. They can not only transmit video data in real time, but also use AI for big data analysis to achieve active safety management.The value-added of three generations of products and the enhancement of ASP are in the ascendant, and there is huge space for the future. We have calculated the market space of each segment: ① The domestic second-generation bus products have been adjusted. Considering that ASP will increase the market size of the third-generation products by about 4.2 to 7 billion; ② Two passengers and one danger are currently only in Jiangsu, Sichuan, Hunan, Hebei, etc.Some provinces and cities have begun to penetrate (the company ‘s market share conversion is the first), the future space is huge, the potential market size of two passengers, one danger and heavy trucks is about 12.4 billion;We estimate the domestic market size to be approximately 4.8 billion; ④ The potential market size of the taxi industry is approximately 2.8 billion.In summary, the total size of the potential market exceeds 200 trillion. If the overseas market is counted, the scale may be doubled. Product technology intensive, AI blessing, high research and development promotion: Today’s third-generation vehicle video surveillance system is an integrated 杭州夜网论坛 technology-intensive product. It requires not only basic hardware such as cameras, but also complex video image processing technologies such as AI.Enterprises are transitioning from pure equipment suppliers to total solution providers.The company started to deploy AI in 2014 and currently has more than 100 professional teams. The product can provide a variety of intelligent video monitoring functions such as safe driving assistance, driver status monitoring, and blind spot detection.The company always attaches importance to the investment of human capital, and the R & D investment ratio remains above 10%, laying a foundation for product upgrades and the company’s sustainable development. 2018 company sales to the United States1.5.6 billion, accounting for 14 of the main revenue.40%, but the impact of trade friction is not large, the US customers reappeared to reduce or cancel purchases from the company, the company’s comprehensive gross margin in the first three quarters of 201943.40%, ten years +1.31 points.And the company further strengthened the chip’s self-controllability. The new generation of intelligent processing chip is based on the design of HiSilicon and is gradually completing the replacement of imported chips. Profit forecast: It is estimated that the company’s net profit attributable to mothers will reach 2 in 2019-2021.19, 2.86, 3.71 ppm, first coverage, giving “overweight” rating. Risk warning: market competition intensifies, raw material prices fluctuate, exchange rates fluctuate

Depth-Company-Qingxingchen (002439): Good statistics on orders at the structural level under steady revenue growth

Depth * Company * Qixingxingchen (002439): Good statistical results of orders at the structural level under steady revenue growth

The company released the third quarter report for 2019 and achieved revenue of 7 in Q3.

0 billion (+24.

8%) and net profit of 8,334.

10,000 (-12.

3%), deducting non-net profit of 7,975.

50,000 (-12.


Whether Q3’s business development is on track or not still depends on the growth rate of the revenue side. About 25% of the growth is in line with expectations. Maintain the BUY rating.

Key points of the support level The steady growth of income is in line with expectations, and the sequential growth rate indicates the level of income structure.

Q3 revenue growth was about 25%, and the first three quarters were about 22%, which was in line with expectations.

Q3 chain growth rates were 54% and 31%, respectively, compared with 53% and 25% in the same period of the previous year, indicating that the H1 structure this year is relatively stable but the Q3 revenue share has increased.

Considering that the city security operation center has over 100 million orders (interim report 上海夜网论坛 announcement), it indicates that the structure of security products and security operation income may be gradually reduced or changed, and the impact of operating income on the company may increase.

The growth rate of net profit exceeded our expectations, mainly due to the larger increase in selling expenses and financial expenses, which are expected to be related to market expansion and convertible bonds, respectively.

Orders in the first three quarters remained at the previous level.

According to China’s order statistics, the company’s order value in the first three quarters increased by about 24?
The 33% range matches the income growth rate.

Among them, Q3 decreased slightly by 6 due to the monthly change in July?

Taking into account the continuity of the number of orders and the confirmed one to two quarters, and the probability of variability in the Q4 boom, the revenue growth rate may still exceed 30%.

The gross profit margin is stable, the expense growth rate is maximized, and the profit suspense is gradually clear.

In the first three quarters, operating costs increased by 22%, which is consistent with revenue growth. It is expected that the long-term comprehensive gross profit margin will not be greatly affected by the income structure gradient, and should be 63-65% in the current quarter and the previous year.

At the same time, the three fee growth is lower than the income, so if the expected income growth rate is 24?
30% range, the net profit growth rate is expected to be above this range.

Estimate to maintain 2019?
Net profit forecast for 2020 is 7.

3, 8.

9 and 10.

70,000 yuan, EPS is 0.

82, 1.

00 and 1.

19 yuan, corresponding to PE is 41X, 34X and 28X.

The overall development is in line with expectations, and it is expected that it is still at a reasonably low position. We maintain our Buy rating.

Competitive landscape of major risks facing ratings worsened; new security needs fell short of expectations.

[Sour and Spicy Food]_Variety_Species

[Sour and Spicy Food]_Variety_Species

Sour and spicy are two kinds of food tastes that often appear on people’s tables, and sour and spicy have common characteristics. They can stimulate the human taste system and enhance the appetite of the human body.

Therefore, people who feel appetite can eat more sour and spicy food, these foods can increase people’s appetite.

The next article will explain in detail the types of spicy and spicy food.

Hot and Sour Dish Practices: Raw materials: 200 grams of cabbage, 100 grams of Guoguang apple, 75 grams of carrot, 5 grams of refined salt, 12 grams of white vinegar, and 2 dried red peppers.

Production: (1) Wash the cabbage, cut into diamond-shaped pieces, brush the carrots, and cut into oblique pieces.

(2) Add cabbage and carrot slices to a boiling water pot and blanch them. Remove them and let them drain.

(3) Peel the apple, cut the core into thin slices, and immerse them in saline water.

(4) Remove the dried red peppers, wash the seeds, put them in a pot, and add some water for 10 minutes.

Pick out the peppers, pour the pepper water into the bowl, remove the apple slices, dip in the pepper water, add white vinegar, refined salt, and soak the cabbage and carrot slices in the air after cooling, and put them in the refrigerator. After 20 hoursEdible.

Features: hot and sour taste, and increase appetite.

Method 2: Ingredients: 600 grams of cabbage, 1 tablespoon of sugar, 1 tablespoon of lemon juice, 1/4 teaspoon of salt, 1/2 teaspoon of dried chili peppers, 10 capsules of pepper, ginger. The only method is: 1. Wash the cabbage,Remove the old leaves and peel into pieces. After salting for 30 minutes, squeeze out the water.

2. Put 2 tablespoons of oil in the pot and sauté the peppercorns. Remove and fry the dried chili until it is red and crispy.

3. Add sugar, lemon juice, hot pepper, and ginger to Korean cabbage, pour in the fried spicy oil, and eat spicy cabbage ingredients after 30 minutes: Tianjin cabbage (or yellow sprouts) (250g), white sugar (60 grams), sesame oil (5.

25 grams), balsamic vinegar (60 grams), pepper powder (put in), pepper powder (put in), dried pepper (put in), ginger (put in), refined salt (put in), pickled pepper (put inInto).

Features: Spicy, crispy, sweet and sour, white with red, suitable for all seasons.

(Sichuan cuisine) Operation: First, wash the cabbage, tear it into long strips (or cut into knots), soak it in salt water for two hours, and remove it. Then squeeze out the moisture of the cabbage, put it in a basin, and cover it with ginger.Shredded soaked pepper.

Second, burn sesame oil, dried pepper powder, peppercorns, etc., pour over the vegetables, add sugar, vinegar, and cover with a lid for a few minutes.

Practice 3 grams of sesame noodles and 0 fresh fish soup.

3 liters, 2 kg of whole cabbage, 500 grams of radish, 50 grams of celery, 20 grams of chili noodles, 20 grams of shrimp paste, 200 grams of pears, 200 grams of shallots, 30 grams of minced garlic, 5 grams of ginger, 50 grams of refined salt[Production process]1. Marinate the cabbage with 10% brine for about 24 hours.

Put the chili noodles at 1: 1.

The ratio of 2 is stirred with water for later use.

Cut cress into 3 cm strips.

2. After putting chilli juice in the radish dish, add white sugar, mingtai fish, shrimp paste, garlic, ginger, pear shred, celery, spring onion, and salt.

3, sandwich the cabbage stuffing between the cabbage leaves, and wrap with the outside leaves.

After putting a layer of radish in the jar, put the cuts of the cabbage upside down, and finally press down with stones.

After three days, pour spicy cabbage soup and seal the marinade.

4. After chopping the minced fish with bones and head and tails off, add chilli noodles, salt, shallot, and garlic for about 20 minutes.

After the shrimp paste is chopped, add chili noodles and garlic cloves.

Cut 1/3 of the radish into shreds and 2/3 into pieces.

Gujia Home (603816): The closed-loop of large homes has become an adjustment period and is poised for growth

Gujia Home (603816): The closed-loop of large homes has become an adjustment period and is poised for growth
Key points of investment: The leading software home furnishing industry, with a rich product line, and a closed home for large homes.The company is a leader in the software home furnishing industry. Its products cover sofas, dining tables and chairs, bedding, custom furniture and mahogany furniture. It has more than 6,000 brand stores worldwide, with seven product lines and multiple brands.Faced with industry changes, the company extended its custom furniture business upwards, horizontally expanding the sofa and mattress segment product lines, and realizing a closed loop for large homes.  The model of the professional manager management model in the home industry is full of inspiration.As early as 2012, the company introduced many outstanding professional managers, including director and president Mr. Li Donglai.The team members have rich experience in the home appliance industry and chain chain operation model operation experience.The first round of equity incentives will be implemented in 2017.  The repurchase plan was announced in September 2019, and all the repurchased shares will be used for equity incentives.  The market for the software home furnishing industry is vast, and domestic concentration needs to be improved.China is the world’s largest producer and consumer of software home furnishings.The domestic software home furnishings market space is still growing, but in proportion to overseas mergers, leading companies’ market share has decreased, and industry concentration needs to be improved.At the same time, the more popular functional sofas and memory foam mattresses in foreign countries are still in the market education period, and the penetration rate has decreased.  Integrate extended assets and prepare for the adjustment period.The company completed several acquisitions last year, and the current acquisition has been suspended and has entered the integration period.We think the integration will help the company to concentrate its existing major resources.After the integration, the product and brand matrices are expected to be more mature and the synergy effect will be more obvious.The performance of some current acquisition projects has not met expectations. If the performance of acquired assets improves after the integration, it will also bring marginal improvement to the company’s overall performance.The gradual withdrawal of some financial investment projects will also help cash back and reduce the current high level of assets and liabilities.  Optimization of organizational structure, key channels, manufacturing, and supply chain management.The company gradually promoted the reform of regional retail centers in the second half of 2018, and classified the marketing management layout of each product division into 20 regional market retail centers, which means that the sales structure has moved forward.In terms of channels, the expansion and sinking of the third and fourth lines were maintained, and the channels and forms of some channels were explored.At the same time, focusing on the “demand-driven, flexible and agile, integrated and interconnected” strategic elements and overall strategic advancement ideas, we strive to build an end-to-end perspective of the customer demand-oriented supply chain system.  Covered for the first time and given a “Buy” rating.The company is expected to achieve revenue of 114 in 2019-2021.32/137.93/166.86 ppm, an increase of 24 in ten years.6% / 20.7% / 21.0%, net profit attributable to mother 11.43/13.63/16.53 ppm, an increase of 15 in ten years.5% / 19.3% / 21.3%.The closing price on September 20, 2019 was RMB 36.90 yuan corresponding to PE is 18.36X / 15.39X / 12.69X.According to recent data released by the National Bureau of Statistics, real estate completion is picking up and sales are flat.The former supports the future performance of home furnishing companies, and is conducive to repairing 北京夜生活网 the market’s pessimistic expectations of the post-real estate industry chain.2019 is the integration period of the company’s extended assets and the adjustment period of internal management. If the effect of the integration adjustment meets expectations, the future operation quality is expected to improve, and the performance will help maintain continuous growth.Considering that the current estimated level is at the bottom of history, the repurchase plan and the subsequent equity incentive plan may show the company’s growing confidence, giving the company a 20-22 times judgment for PE in 2020, corresponding to 45.20-49.72 yuan.Covered for the first time and given a “Buy” rating.

Hikvision (002415) 2018 Annual Report & 2019 First Quarterly Report Review: Demand is expected to bottom out and pick up strategy to accelerate the landing of AI CLOUD

Hikvision (002415) 2018 Annual Report & 2019 First Quarterly Report Review: Demand is expected to bottom out and pick up strategy to accelerate the landing of AI CLOUD

The annual report performance is in line with expectations, and the cash flow improvement in the fourth quarter obviously achieved 489 revenue in 18 years.

37 trillion, +18 a year.

93%, net profit attributable to mother 113.

53 trillion, +20 for ten years.


18Q1-19Q1 revenue growth was 32.

9% / 22.

4% / 14.

6% / 13.

1% / 6.

2%; net profit growth rate was 22.

6% / 28.

7% / 13.

5% / 24.


Among them, the front-end products in the 18 years were 24.1 billion US dollars, an increase of 14 per year.

2%; expected 67.

800 million, an increase of 10 in ten years.

2%; conventional smart homes, central control products, robots and fluorite continue to grow at high speed.

In Q1 of 19, the performance achieved slightly exceeded expectations. In the second quarter, demand began to improve. In Q1 of 19, revenue was 99.

42 trillion, ten years +6.

17%; net profit attributable to mother 15.

360,000 yuan, at least -15.

41%, lower than market expectations.

The rate of revenue growth and cost increases have led to increased performance.

With the recovery of domestic government and large enterprise customer demand, 3 months have begun to improve.

The company expects that the revenue growth rate of 19Q2 will return to 20%, and the forecast H1 net profit is 37.


62 ppm, Q2 net profit 21.


26 trillion, with a median of 26.

110,000 yuan, an increase of 12% in ten years.

At the same time, the expected revenue growth rate is expected to remain at about 20%.

The company has continued to invest for 15 years, and the new business has begun to reflect the effect. The company has positioned itself as a big data company for the first time and continued to promote the implementation of the AI cloud.

The company has been continuously investing in R & D and employees for 15 years. The number of employees has increased by about 30%, and the cost has increased by about 40%, which is significantly faster than the revenue growth.

The company’s key expansion directions are AI cloud and cloud edge integration, robotics, automotive electronics, Internet of Things and other trend industries.
Innovate in computing architecture (cloud edge integration), product form (deep intelligent product family), continue to deepen the integration of the AI cloud product line, and provide an open AI development platform.

Based on the AI cloud, the integration of the Internet of Things and the information network is promoted, and the company is shifting to the direction of big data. We look forward to opening the growth ceiling again in the intelligent era.
Risk Tip One: The AI cloud landing is not up to expectations.

Second, overseas policy risks.

Continue to be optimistic about the competitiveness of Haikang in the AI era, and maintain the “Buy” rating. It is expected to return to net profit of 136 in 19-21.



4.5 billion, EPS 1.



30 yuan, a year-on-year growth rate of 20.

5% / 24.

5% / 24.

7%, corresponding to PE 23.



2X, the industry’s comparable company Dahua, Qianfang Technology’s average PE 24 in 19/20.



We are optimistic about the company’s continued competitiveness as a leading company and the future implementation of AI in big data, and maintain a “Buy” rating.


­  中新网8月2日电(何路曼)今天,地球会向人类发来一条特殊的欠费通知:尊敬的用户,您本年度的地球可再生自然资源使用已超额,即日起开始152天的生态透支生活……­  根据世界自然基金会和全球足迹网络近期公布的一份报告,虽然2017年结束还有近5个月,但是今年的地球超载日在今天已经到来。­  人类将使用超过地球可以重新制造的一整年的大自然资源。这意味着在今年前7个月里,人类排出的碳,比海洋和森林可以在一年里吸收的量还要多——上述报告指出,今年的地球超载日(Earth Overshoot Day)为8月2日,这一日期比30年前提前了139天。­  不堪重负的地球­  什么是地球超载日?地球超载日(又称生态负债日)是全球足迹网络为了提高人类对生态足迹的关注发起的活动。这一天,地球再生、可供人类使用一整年的自然资源总量将被用尽。而超过这一天的资源使用,都是人类在向未来借资源。­  这个超载日每年都会提前,显示人类过度使用生态资源,超越地球的生物承载力。­  2005年的地球超载日是10月20日,这一日期在10年后提前到 8月13日,2016年更是往前推到了8月3日。而今年再早,时间点落在8月2日。在1987年时,地球超载日是12月19日南宁桑拿,30年来,这个日期往前推进了4个多月。­  根据今年的报告,今年前7个月,人类排放的碳比今年整年海洋和森林能吸收的碳还多,人们捕了更多的鱼,砍了更多树,并且在同一时期消耗更多的水。而燃煤、石油和天然气的温室气体排放,占全球人类生态足迹的60%。地球人类消耗的资源,需要相当于1.7颗地球才能提供。­  如何计算超载日?­  全球足迹网络每年都在计算当年地球生物承载力能支撑人类生态足迹的天数,而剩余的天数就是全球生态超载的时间。­  地球生态超载日计算方法如下:全球生物承载力(地球当年能够生产的自然资源的总量)除以全球生态足迹(人类在这一年对资源的总需求量),再乘以365天:­  (全球生物承载力/全球生态足迹)×365 =地球生态超载日­  值得注意的是,这一计算的精确度很有限。由于使用的是各国的汇总数据,因此,地球超载日只是个近似值。­  尽管如此,这些数据还是表明人类对自然资源的需求已经达到了不可持续的地步——地球用一年的时间,已经无法生产人类当年所需的可再生资源。­  你需要了解的一些数据:­  •在1961年,人类一年只消耗大约三分之二的地球年度可再生资源,大多数国家还有生态盈余。­  •约从1970年起,人类对自然的索取开始超越地球生态的临界点。1993年的地球超载日为10月22日,2003年提前到了9月20日,2013年为8月20日。­  •到2012年,已经需要1.5个地球才能满足人类的欲求,2017年需要1.7个地球。预计到2050年至少需要2个地球。­  为了明天,请善待地球­  世界自然基金会称,虽然经济、人口和资源需求在不断增加,但地球的规模却保持不变。当全球生态超载成为现实时,我们不是靠生物圈每年产生的利息生活,而是一直在吃着生物圈的本金。为了支撑人类对自然的需求,我们一直在消耗着资源储备。­  地球超载日的到杭州桑拿来,究竟意味着什么?世界自然基金会的研究显示,生态超载带来的一个主要影响是气候变化。此外,在生态系统开始退化并可能崩溃之前,生态超载只能维持有限的时间。其影响已经日益显现:森林萎缩、渔业资源衰退、土地退化、淡水资源减少、生物多样性日益丧失……­  那么,地球生态超载后,还有可能恢复到收支平衡吗?世界自然基金会认为,推广可再生的清洁能源是当务之急,因为人类对生态的影响一半以上来自碳排放,尤其是化石燃料的燃烧。­  虽然地球超载日每年提早到来,但该日到来的速度已有趋缓的现象。­  报告称,每个人皆可通过少吃肉、少用燃油及减少食物浪费,进而达到停止并最终扭转目前形势的结果,为延长地球的再生资源尽一分绵力。­  不论如何,为了明天,请善待地球。 Original title: “Notice of Arrears” from Earth: Human resources have been used up this year

China Pacific Insurance (601601) Company Annual Report Comment: Long-term health insurance + every 10 years the investment side is robust NBV, EV, and profit are higher than expected

China Pacific Insurance (601601) Company Annual Report Comment: Long-term health insurance + every 10 years the investment side is robust NBV, EV, and profit are higher than expected

Investment points: The proportion of long-term protection new orders has increased significantly; long-term health insurance premium income has increased by + 60% each year; manpower has developed.

NBV was initially +1.

5%, the investment side is stable, and the EV growth rate exceeds expectations.

The comprehensive cost rate of property and casualty insurance continued to be optimized, but the commission rate continued to increase; non-auto insurance had a high growth rate.

The floating profit of bonds increased, and the comprehensive investment yield rose instead.

The performance is dazzling, and it is estimated that it is still low, with a “continuous market” rating.

  CPIC’s 2018 annual report performance: 1) Net profit attributable to mothers was 18.1 billion, a decade of + 23%; single-quarter growth in the fourth quarter + 42%.

Net profit of life insurance and property insurance increased by + 39% and -7% respectively.

2) Net assets of 1496 trillion, +8 earlier.

8%, +4 at the end of the last three quarters.


3) NBV +1.

5%, EV +17 from the beginning of the year.


4) The remaining margin is 285.4 billion yuan, + 25% from the beginning of the year.

5) The comprehensive cost ratio of property insurance is 98.

4% per year -0.


The average growth rate of the company’s NBV, EV, and profit exceeded our expectations in the “Low Base + Guaranteed Development, Value Storage for 2019 Value Growth-Insurance Industry Annual Report 2018 Preview” released on February 23.

  Life insurance: Long-term health insurance with high growth, NBV, EV exceeded expectations.

1) Individual insurance new orders for half a year -5.

6%, but long-term guaranteed new single year +7.

7%, the proportion increased by 7.

4ppt to 49.


Long-term health insurance premium income + 60% per year.

2) New business value margin +4.

3ppt to 43.


3) The average monthly healthy manpower is 31.

20,000, 14.

90,000, previously + 26%, 15%; long-term average monthly manpower is 84.

70,000, a year -3%.

4) Benefit from the increase in floating profit of bonds + low proportion of equity allocation, investment bias in life insurance business, and market value adjustments all contribute positively to life insurance EVs, accounting for a total of 1 at the beginning of the period.

5%, significantly preset peers.

  Property and casualty insurance: The comprehensive cost rate continued to be optimized, 2018-0.

1) The profit before tax of property insurance + 9% per year, and the litigation fee rate is increased by 1.The impact of 7ppt, the average interest rate + 35%, the return rate is as high as 46%, and the net profit is -6 twice.


2) The auto insurance compensation rate is -4 for half a year.

6ppt to 56.

8%, driving the company’s payout ratio for three years -3.

6ppt to 56.


3) Non-auto insurance premiums for three years + 30%, the proportion increased by 3.

5ppt to 26%; non-auto insurance comprehensive cost rate is -0 for half a year.

4ppt to 99.


The income of agricultural insurance is 4.2 billion US dollars, + 55 percent per year, and the market share is rapidly rising to the third place in the industry.

  Investment: The allocation of core equity is extremely low, and the rate of return on comprehensive investment rises without decline.

1) The proportion of solid income is as high as 83.

1%, the equity category accounts for 12.

5%, of which equities and equity funds account for only 5.


Affected by the floating profit change of bond assets, the comprehensive investment yield is as high as 5.

1%, ten years +0.

2) Total investment yield 4.

6%, -0 per year.

8ppt, net investment yield 4.

9% every year -0.


3) The fixed income / equity / investment real estate / cash and other investment yields are 5 respectively.

twenty one.

1% / 9.

0% / 1.


  Transformation 2.

0 continues to advance, and life insurance is expected to develop; estimates are still low.

Currently the corresponding 2019E PEV is only 0.

8 times higher safety margin.

Give 无锡桑拿网 1.


1x 2019E PEV, corresponding to a reasonable value range of 43.


36 yuan, maintaining the investment rating of “permanent market”.

  Risk reminders: 1) the downward trend of interest rates; 2) the stock market plummets; 3) the protection-type growth is less than expected

FAW Car (000800): A Great Change in the FAW System in Ten Years

FAW Car (000800): A Great Change in the FAW System in Ten Years

The company announced in the evening that it planned to purchase the equity of FAW Jiefang held by FAW shares and raise funds by means of asset replacement, issue of shares to purchase assets, etc. It is expected to constitute a major asset reorganization of the company.

In our annual strategy, we have repeatedly proposed that FAW reform is one of the main lines of asset integration for the automotive industry in 2019, and combined with Xiali to sell all Toyota shares to FAW, the reform is gradually clear.

We are optimistic about FAW’s mainline reform opportunities and maintain the company’s “prudent recommendation-A” rating.

Issuance of shares, asset replacement and purchase of FAW Jiefang’s equity, FAW Car will be a clear trend as a vehicle platform.

Timeline one: FAW Xiali will transfer its FAW Toyota shares to FAW shares (expected) in two separate listings.

FAW Xiali was priced at 25 in August 2016.

600 million transfer of 15% of FAW Toyota shares to the controlling shareholder FAW shares at a price of 29 on November 28, 2018.

200 million transferred the remaining 15% equity, after which FAW Xiali no longer holds Toyota shares.

Timeline 2: FAW Car purchases all shares of FAW Jiefang.

FAW Car intends to purchase equity of FAW Jiefang held by FAW shares and raise supporting funds by means of asset replacement, issue of shares to purchase assets, etc.

Abstract: FAW’s overall listing lasted for ten years before and after its listing, involving a huge volume, which is currently unknown.

According to the strategic development of developing country groups, FAW shares as a whole listed assets may be controversial.

For the two listed entities FAW Cars involved in competition in the same industry, FAW Xiali is called Zhongzhong, and FAW Xiali’s core assets are transformed into major shareholders FAW Shares, meanwhile FAW Jiefang’s core 武汉夜网论坛 assets FAW Jiefang are injected into FAW Cars.The author thinks that taking FAW Car as the main body to realize the listing error of the core vehicle assets of FAW Co., Ltd.

Asset restructuring in the automotive industry, represented by FAW reforms, is one of the main lines of investment for the automotive industry in 2019.

1) The time window for FAW to resolve competition in the industry is approaching.

In 2016, FAW hopes to postpone a three-year delay to solve the problem of inter-bank competition (later rejected by the shareholders’ meeting), and the time window for landing will be in 2019; 2) Vehicle assets are merged and injected into the body of the automobile.

FAW Group has concentrated its entire vehicle assets on FAW shares and is expected to become the core asset of the overall listing.

Recently, 30%天津夜网 of FAW Toyota’s assets held by FAW Xiali have been transferred to FAW shares twice.

3) Full decentralization of component assets, reform, and marketization.

In June of 2018, Fawer shares, Changchun Yidong Assets changed from FAW Group to FAW equity investment. In August, FAW Fuwei launched a double hundred reform.